The federal government says it plans to review Nigeria’s Industrial Revolution Plan (NIRP) to reflect economic realities towards the implementation of the African Continental Free Trade Agreement (AfCFTA).
This was disclosed by the Minister of Trade and Industry, Adeniyi Adebayo, at the commissioning of the chemical solutions manufacturing plant in Lagos, on Monday.
The Minister said the review was necessary because of the new trade agreements signed by the FG and how Nigeria can take advantage of it, including policies that will make Nigeria reach net zero emissions by 2050. He also revealed that local production and backward integration industrial processes are part of the administration’s strategies to boost job creation in Nigeria.
“They will increase local production, create job opportunities and improve our foreign exchange reserve position. It is, therefore, my pleasure to commission this manufacturing plant which will contribute significantly to the areas I just mentioned.
I am reliably informed that the company has so far invested a sum of N1 billion to achieve an installed production capacity of 12,900MT, which will produce unique and standard oilfield chemicals for local industries in the Oil and Gas and Transportation sectors.
I believe this will help in taking us steps ahead in our effort to diversify the economy and increase the contribution of the manufacturing sector to the Gross Domestic Product,” he said.
What you should know
The NIRP was launched in 2014 by ex-President Goodluck Jonathan as a national roadmap for real industrialization with the goal of adding NG5 trillion to annual manufacturing revenues in five years, and accelerating industrial capacity expansions and reforms.
