The Minister of Industry, Trade and Investment, Niyi Adebayo, on Monday said the country’s Industrial Revolution Plan was being reviewed.
He said the revision was meant to ensure that the plan reflects economic realities, including the African Continental Free Trade Agreement, imminence of the fourth industrial revolution and climate change.
According to a statement by his Special Adviser, Ifedayo Sayo, the minister disclosed this in Lagos while inaugurating the first local content fluids and chemical solutions manufacturing plant in Nigeria.
The statement was titled, ‘FG reviews industrial revolution plan to reflect economic realities.’
The minister was quoted as saying that “The revision of the NIRP will provide a clear and definite path towards a new industrial aspiration, taking into cognisance our recent trade agreements and how we can take advantage of them; ensure a safer environment by adapting the policy to capture the global target of net zero emissions by 2050 and create job opportunities for Nigerians through increased production to leverage the wider market access provided by AfCFTA.”
The minister also reportedly said domestication of production and backward integration have been at the centre of the Federal Government’s industrialisation programme to drive intensive growth of the Nigerian economy.
He added, “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 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 GDP.
“Most especially, the plant will provide jobs to Nigeria’s workforce. It will also promote local content and save the nation the extra cost of importing the now locally produced input.”
