The Federal Ministry of Industry, Trade and Investment (FMITI) says implementation of the Nigeria Industrial Policy (NIP) will improve growth, promote made in Nigeria goods and increase industrial production.
Mr Edet Akpan, Permanent Secretary, FMITI, stated this at a six-day brainstorming on the “Validation of the Revised Draft Nigeria Industrial Policy” in Lagos on Monday.
According to him, implementation of the NIP will also increase foreign exchange earning, thereby encouraging sustained and inclusive contributions to the Gross Domestic Product (GDP).
“The last published industrial policy took place in 2003, while the initiative to review this particular document started in 2014.
“The Federal Ministry of Industry, Trade and Investment has since began the engagement of stakeholders and the international community to ensure that the document has both domestic and international flavour.
“The validation exercise, therefore, is set to review what was dofasttrackr and accommodate reasonable and concerned inputs from the varied Ministries, Departments and Agencies (MDAs) assembled.
“The Nigeria Industrial Policy (NIP) validation is very apt and indeed long overdue in positioning and responding to the Federal Government economic direction,” Akpan said.
Akpan, who was represented by Alhaji Tijani Inuwa, a director in the ministry, stressed the need to have a working document for the investing public and decision makers.
Akpan said that the NIP seeks to fasttrack the industrial development of the country based on its endowed resources and special prominence to Micro, Small and Medium Enterprises (MSMEs).
Also speaking, the Director, Industrial Department of FMITI, Mr Adewale Bakare, said that the quest for enduring industrial policy was everybody’s business.
Bakare called for continued engagement as the country diversify its economy from oil to non oil sectors by harnessing the opportunities that abound from the vast natural resources of the country.
The President, Manufacturers Association of Nigeria (MAN), Mr Mansur Ahmed, said that Nigeria would benefit from the new African Continental Free Trade Area Agreement.
He said this, however, depended on the effectiveness of the country’s industrial policy and the quantum of Nigerian Manufacturing products available for sale at the continental market.
“MAN is therefore delighted to be part of this exercise that will enable stakeholders to validate the revised industrial policy in this consultative platform.
“Clearly, this initiative would afford stakeholders in the industrial value-chain, the opportunity to discuss pertinent issues constraining industrialisation in Nigeria.
“It is encouraging to note that this draft policy document captured some of the challenges hindering the attainment of set objectives for sustainable industrialisation in Nigeria and suggestion required to mitigate them,” Ahmed said.
In his goodwill message, the Permanent Secretary, Federal Ministry of Budget and National Planning, Mr Ernest Umakhihe, said that NIP was anchored on the utilisation of domestic resources in which the country had competitive advantage.
Umakhihe, who was represented by Mrs Zainab Pisagih, Deputy Director, Industry and Investment Division, Economic Growth Department in the ministry, urged stakeholders to leverage on its deliverable which were very critical to ensure the growth of the industrial sector.
Also in his goodwill message, the President, Nigeria Association of Small and Medium Enterprises (NASME), Prince Degun Agboade, said the policy should interlink and reinforce other existing economic policies.
He said that there should be initiative that would encourage MSESs to be vanguard of production of quality products that are globally competitive. (NAN)