Contrary to distant misconceptions or misunderstandings, the North-West Region is not crisis or violence wracked. The crisis that break out years back has considerably dwindled and burnt down almost to the ashes. It will be wrong to think that those who have this view only have one leg to stand on. From the ways several activities are set in motion in the Region, it is evident Bamenda is well alive and no need to keep jumping on shadows
Bamenda, located just some 366 km from the capital of Cameroon is a crossroads to several markets. At the regional level, Bamenda, the capital of the Region, is an important business centre and a crossroads for the Region. The “Ring Road” is a shackle that connects 6 of the 7 Divisions of the Region, namely Mezam, Ngoketunjia, Bui, Donga-Mantung Boyo and Menchum. The population of the region is fast growing and based on the strong sustainable demographic trend, one can estimate the population of the Region at 2 429 174 inhabitants by 2025 of which a majority is the youth, 56.8% (NIS).
The continent’s largest market is just about some 220 km away as it is bordered to the North by the Federal Republic of Nigeria, to the West by the South-West Region and the Federal Republic of Nigeria, to the East by the Adamawa Region, the West Region and part of the Federal Republic of Nigeria, and finally to the South by the West Region and part of the South West Region. As such, industrial activities such as processing and manufacturing will be highly profitable there. Raw materials are available, some are yet to be used and considered thus. Another considerable potential of the Region is the availability of a skilled labour force.
The economic and industrial viability of the Region cannot be overemphasized. The Government through the Regional Council is doing their utmost to make Bamenda a huge economic and industrial hub. With the advent of a dry port within the MAGZI industrial zone, Bamenda is set to be a giant in the country’s economy in the nearest years. Ever since it was instituted, the Regional Assembly has been steering that project, and is ready to put all hands on deck to make it a success for the benefit of the nation in general and the North-West Region in particular.
According to Pr Fru Fobuzshi Angwafo III, President of the North-West Regional Council greenlights are on for the full implementation of numerous developmental projects intended for the Region hosted by the institution under his command. The inhabitants of the North-West are keen on what will become of their Region if sceptical investors budge an inch and carry out their industrial and commercial activities. However, the President of the Regional Council is confident about the future of the Region. One of the main reasons backing this assurance of the industrial and commercial soaring of the Region is recent authorisation issued by the Customs to operate an External Clearing Warehouse and Precinct in Bamenda. This will go a long way to boost regional economy.
The Industrial Zones Development and Management Authority is just at the right place to provide and promote industrial and commercial activities by providing a fully equipped industrial at Mile 6 Nkwen. This zone is par excellence one of the best zones created by MAGZI before letting out. By fully equipped, it comprises completely tarred road network with drainage facilities, electricity, water dam and optic fibres. So far, MAGZI has been working strategies to attract local and foreign investors, hence boost regional economy through the creation of jobs, both direct and indirect, improve standard of living and enhance development.
For the past years, The Director General of MAGZI has issued a couple of press releases calling sons and daughters of the region to engage into industrial entrepreneurship, as such, seize the opportunity of the market-changing innovation. It must be noted that entrepreneurship is viewed as the backbone of the economic development of most economies all over the world. Social entrepreneurship has also been identified as one of the key factors contributing to local economic development, thus, inhabitants should equally engage in it. By so doing, the most cherished job creation and poverty alleviation objective will be attained.
The Board of Directors of MAGZI has been, granting incentives through reduction of lease rates, deferred invoicing, providing technical support etc. This is in a bid to spur local and foreign investors to establish in the Region hence boost local economy.
At the level of the Government, through Decree No. 2019/3178PM of 02 Sept 2019 to specify the procedures for implementing the status of economic disaster areas and conditions for related tax benefits provided for by the provisions of Articles 121 and 121a of the General Tax Code. This, in effect constitute a huge incentive to enable a take-off of economic development in the Region. This decree has gone a long way to encourage the creation of companies, boost entrepreneurship, through which many other related economic activities will see the day. In the aforementioned articles, it is stated that:
Companies that carry out new investments in an economic disaster area shall be exempted from the following taxes and duties: Business licence tax waiver, Value added tax on purchases of goods and services, Registration of fees on project establishment-related property transfers, Property tax on buildings used for the project, Company tax and minimum collection and Taxes and contributions on salaries paid to staff
From the list of grants and added to MAGZI advantages, it goes without saying that the Bamenda Industrial zone is a conducive place to create companies and operate hitch free. It is worth mentioning that, companies that intend to restore their production facilities in such areas are granted a tax credit of 30% of the expenses incurred. These incentives are just a perfect booster and strong support to make of Bamenda a huge economic hub. If investors were to take advantage of all these measures already operational, the North-West would be the ideal place for business.
In a nutshell, the MAGZI industrial zone comes in as serious support to investors, as it provides suitable area for all those willing to carry out industrial activities.