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FG to Introduce New Industrial Policy as a Catalyst for Economic Growth

By on October 4, 2012

Lawmakers at the National Assembly

The Federal Government has promised to introduce a new industrial policy that will enhance economic growth in the country. This initiative was confirmed by the House of Representatives Committee on Commerce and Industry.
 
The Committee stressed the need for economic diversification and a prompt and sustainable growth plan for the industrial sector will be a start.
 
 
The Chairman of the Committee, Mohammed Onawo made this known during a tour of WEMPCO Group in Ikeja, reiterated the need for the development and promotion of home made goods.
 
He expressed hope for the Nigerian industrial development, I see a bright future for this sector because we are doing our best here and we have plans for an industrial revolution, he said.
 
Onawo maintained that the bill is expected to bring about an industrial revolution in the country, starting with promoting and adding value to our local industries as well as build investors confidence.
 
The Federal Government early this year set up a committee to work on the bill, which comprises, Nigeria Chamber of Commerce, Industry, Mines and Agriculture (NACCIMA); Manufacturers Association of Nigeria (MAN) as well as industry leaders in various sector of the economy.
 
“In the past, inferior products were said to originate from Taiwan and recently from China, but surprisingly the Chinese are here making quality products which can favourably compete globally.”
 
“The Federal Government will be prompted to do more, through its industrialisation policy by the achievement of this company. It is a foolish thing to depend on one source of income (crude oil), especially with experts predicting that our oil will dry up in the next 40 years,” he said.
 
The committee would help the company in conquering some of its challenges, he said.
 
The committee further called on industrialists as well as investors within and outside the country to be part of the process by bringing forward private bills that would assist in the transformation process of the industrial sector of the economy.
 
“A private member Bill can be sent to us by any industrialist and investor which will be sponsored by members of this committee in the House. We will continue to promote bills that will give our partners confidence and secure their investments,” he said.
 
“This is an individual company generating 54 megawatts of electricity on its own, and being here for the past 40 years, it is obvious that they know more about Nigeria than China, so they can better tell the true story of Nigeria as a country of opportunities for those who are seeking success,” he said.
 
The Chairman of the Group, Alhaji Tokunbo Ali, reacted by saying, they began with manufacturing of enamelware before going into, plywood, steel, hospitality business among others. 
He said, today the company owns the largest plantation in Nigeria, 15 factories in Nigeria and over 15,000 staff under their umbrella. 
 
“We are still marching on with our expansion vision because we are not a ‘briefcase Group’ and we assure SON that we will abide by their quality standards,” he said.