FG priortises clean technology, trade agreements in new industrial plan

MINISTER of Industry, Trade and Investment Adeniyi Adebayo, on Monday, disclosed that the Nigerian Industrial Revolution Plan (NIRP) was being reviewed to accommodate new economic realities.

Adebayo noted that the government would prioritise current global economic realities by focusing on clean energy, the Fourth Industrial Revolution, Nigeria’s trade agreements with other nations and the burden of poverty in the new plan.

The minister, who spoke at the commissioning of a chemical solutions manufacturing plant in Lagos, listed the economic realities to include the African Continental Free Trade Agreement (AfCFTA), the imminence of the Fourth Industrial Revolution and climate change.

“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,” he said in a statement issued by his media adviser Ifedayo Sayo.

The Nigerian government launched its first Industrial Revolution Plan in 2014 during the administration of former President Goodluck Jonathan. The plan was the nation’s first comprehensive and integrated road map to industrialisation while encouraging backward integration.

The focus of the plan was to add about N5 trillion to annual manufacturing revenues within three to five years. This was meant to create jobs, generate wealth, diversify the economy, substitute imports, boost exports, and broaden the country’s tax base.

The Nigerian Industrial Revolution Plan is a five-year plan to rapidly build industrial capacity and improve competitiveness in Nigeria. The plan identifies industry groups where Nigeria has comparative advantage, including agro-allied and agromineral processing; oil- and gas-related industries and construction, as well as light manufacturing and services.

The plan further addresses the numerous issues that have held the Nigerian non-oil sector for years. It addresses the high cost of funding and lack of long-term finance in Nigeria. It also builds industrial infrastructure and power for industry; provides industrial skills, links innovation with industry, improves the country’s investment climate, strengthens products standards and promotes local patronage.

The Policy also linked trade policies with the country investments and industrial policy.

One of the outcomes of the plan was Nigeria becoming the net exporter of cement in Africa within one year.

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Adebayo, congratulating the board and management of Pacegate Energy & Resources Limited on the commissioning of the first local content fluids and chemical solutions manufacturing plant in Nigeria, said the new plant represented a significant landmark for the country’s industrialisation programme.






     

     

    “Domestication of production and backward integration has been at the centre of this administration’s industrialisation programme to drive job intensive growth in the Nigerian economy. 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,” Adebayo noted.

    “I am reliably informed that the company has so far invested a sum of ₦1 billion to achieve an installed production capacity of 12,900MT, which will produce unique and standard oilfield chemicals for local industries in the oil & 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 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.

    “Despite the challenges of the COVID-19 pandemic, the completion of this manufacturing plant at this time demonstrates a deliberate effort by PEARL to support our determination to accelerate the growth of the manufacturing sector.”

    Harrison Edeh is a journalist with the International Centre for Investigative Reporting, always determined to drive advocacy for good governance through holding public officials and businesses accountable.

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