The Minister of Trade and Investment, Mr Olusegun Aganga, has said that the Federal Government’s National Industrial Revolution Plan could boost Nigeria’s investment portfolio and Gross Domestic Product (GDP).
Aganga gave the assurance in Lagos at the monthly breakfast meeting of the Nigerian-South African Chamber of Commerce.
He said that the present administration was committed to using industrial plan to build Nigeria to rank top in Africa and one of the best 10 globally.
The National Industrial Revolution Plan was officially inaugurated in May, 2012 to boost wealth creation through manufacturing and industrialisation of agricultural products.
“The idea is to move up the value chain that will increase the value and, of course, you move up in terms of your contribution to the global trade.
“So, that is the strategy, and you can only do that by integrating your trade policy with your industrial policy and making sure that you have a robust industrial policy that promotes manufacturing.
“Right, there is no nation, history tells us that no nation has managed to move from being a poor to a rich nation by relying entirely on exporting raw materials without having a strong industrial sector and related service s sector.
“No country has done it, and it is related to development as well, and what this administration is doing under President Goodluck Ebele Jonathan is to have a very strong focus on industrialisation.
“That is why we have developed the National Industrial Revolution Plan, which looks at areas where we have competitive advantage, is holistic, it looks across the value chain, is strategic overall.
“But, at the end of the day, it identifies products where Nigeria can easily become number one in Africa, and overtime, become top 10 globally.
“That is the way to move forward, and it is those companies that pay customs duties, it is those companies that pay excise duties, it is those companies that pay corporate tax, and that is how the countries generate their revenue.