The Minister of Industry, Trade and Investment, Okechukwu Enalamah said Nigeria plans to adopt and implement the Nigeria Industrial Revolution Plan (NIRP) launched by the Jonathan administration in 2014 to guide its diversification and industrialisation agenda.
Enalamah stated this while addressing journalists in Lagos recently. He explained that the present economic challenges is an opportunity for Nigeria to break free from its traditional dependence on oil and gas and develop a diversified export base and a solid base of domestic manufacturing in its place.
According to the minister:
“Regarding Industrialisation, there is no doubt that Nigeria is long overdue to make the shift from being primarily an exporter of commodities and raw materials, to being an industrial economy. Manufacturing currently contributes only a tenth to our Gross Domestic Product, much lower than it does in other emerging market economies.
“Our Industrialisation ambition is hinged on the Nigerian Industrial Revolution Plan (NIRP), launched by the previous government in 2014. It is now time to move that comprehensive document from Plan to Action. It is now our duty to implement that Plan in light of current realities, taking into consideration the lessons learnt in the two years since it was unveiled.”
Enelamah also disclosed that domestic capacity will be developed for manufacturing, while the country will explore new export markets to understand their needs and address existing the challenges with existing markets.
He said that the Federal Government is seeking investments through a public-private partnership (PPP) agenda. However, the prefer partners who are commitment to financing industrial growth for a long-term partnership.