The Minister of Industry, Trade and Investment, Mr Adeniyi Adebayo, has said the predominant goal of the current regime is to drive a job-intensive growth of the Nigerian economy.
Addressing a delegation of National Defence College of Tanzania during a visit to the ministry, the minister said the goal would be achieved through the development of a holistic industrial policy to facilitate backward integration and production domestication.
According to a statement issued by the minister’s media aide, Ifedayo Sayo, the government would also wish to attract and retain investments, and facilitate trade and market access, especially by participating in the Africa Continental Free Trade Area Agreement.
On backward integration, Adebayo said the government’s goal was to increase local production, increase job opportunities and provide foreign exchange through domestication of identified priority products.
According to him, the priority products include automobiles, palm oil, dairy products, sugar, cassava starch and cotton, textiles and garments.
He told the delegation led by Brig General M. A. Mhagama that the government was fast-tracking the establishment of the special economic zones across the country to drive the industrialisation programme.
He said the Federal Government was doing this by increasing the concentration of high quality infrastructure and providing fiscal incentives for local producers in the zones.
Adebayo said, “We have also commenced the review of the Nigeria Industrial Revolution Plan to reflect our economic realities and aspirations. Some of these realities include the fourth industrial revolution, AfCFTA and climate change.”
“These programmes have been developed to boost the production capacity of the nation, provide job opportunities and ensure that the country is heading towards a path of sustainable growth and development.”
