FG targets $558.1bn GDP in 5 years —Aganga

on   /   in Business 1:00 am   /   Comments

By Favour Nnabugwu

The Federal Government has said that the implementation of the National Quality Infrastructure Policy, NQIP, which would serve as support to the Nigerian Industry Revolution Plan will help to grow the country’s Gross Domestic Product   to $558.45bnwithin the next five years.

Minister of Trade & Investment, Olusegun Aganga

Minister of Trade & Investment, Olusegun Aganga

The Minister of Industry, Trade and Investment, Mr. Olusegun Aganga made this known while speaking at the second meeting of the National Steering Committee for the Nigerian National Quality Policy in Abuja on Tuesday. Aganga who said the country’s GDP would rise from N510bn to N558.5bn in five years’ time explained that the purpose of the meeting was to discuss in plenary, the progress so far made by the different sub-committees which were constituted during the inaugural meeting of  January 27, 2013 and this year.

“With National Quality Infrastructure in place, a skyrocketed increase is anticipated from our GDP from $510bn in 2013 to $558.45bn, a 10 per cent growth within the first five-year implementation period.The Minister was optimistic that with an increase in the contribution of the services sector from the previous 26 per cent to 51 per cent, all energy of the government would be channelled to fast track the early take off of the NQIP.

Dr. Aganga said this quality policy which would enhance Nigeria’s reputation as a provider of quality products and services in the global market will also give credence to the commitment of the World Trade Organisation, WTO, by the signing of the agreement on Trade Facilitation which was signed at the 9thMinisterial Conference in Bali, Indonesia in December, 2013.

The minister who was represented at the event by the National President, National Association of Small and Medium Enterprises, Alh Ibrahim Garba, said the national policy would seek to stop the conflicts that might arise as a result of duplication of mandates.

“We must join hands and see this assignment as a step towards creating an enabling environment for the public and private sectors to achieve global excellence in the quality of goods and services

    Print       Email