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FG endorses plans to diversify economy

06 November 2015, 18:06

Abuja - Government has endorsed the Nigeria Manufacturing Expo, an event that is envisaged to boost efforts to diversify an economy overly reliant on oil.

The crucial summit is scheduled for Lagos on March 15–17.

Yanusa  Labaran, Acting Director of Trade, Federal Ministry of Industry, Trade and Investment, confirmed the government’s support of the expo.

“We endorse the objectives of the event which is aimed at attracting Foreign Direct Investment (FDI); support the realisation of the objectives of the Nigeria Industrial Revolution Plan (NIRP) in addressing the supply-side constraints consistently inhibited the growth of manufacturing and industrialization in Nigeria; as well as generation of jobs and wealth creation,” said Labaran.

Also read: World Bank raises alarm over Nigeria’s economy

The objective of the manufacturing expo is s to support the NIRP, increase local production, support job creation and ultimately stimulate the growth and diversification of the Nigeria economy for self-reliance and export of non-oil and gas products.

Remi Ogunmefun, Director General,of Nigeria Manufacturers Association, said the expo would be an international platform to showcase manufacturing machines, facilitate re-tooling, build capacity of plant managers, stimulate investment and promote made-in-Nigeria products in accordance with the provisions of the Nigerian industrial Revolution Plan (NIRP),”said.

Dr Frank Jacobs, who will chair the mPAD, said encouraging the development and growth of the manufacturing sector was the surest way to diversify the economy as the sector was essential to job creation, sustained growth and development of other key sectors such as agriculture and solid minerals among others.

Nigeria, one of the forerunners in Africa, has now focused its efforts on expanding the manufacturing sector by implementing the NIRP, which is facilitating investment and growth within the sector.

It is addressing concerns such as energy shortages, high interest rates and transport issues.

- CAJ News


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