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FG targets $558.45bn GDP in five years

By on May 24, 2014

The Federal Government on Wednesday said that the implementation of the National Quality Infrastructure Policy, which would serve as support to the Nigerian Industry Revolution Plan, would help to grow the country’s Gross Domestic Product from $510bn to $558.45bn within the next five years.

The Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, said this at the second meeting of the National Steering Committee for the Nigerian National Quality Policy.

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, this year.

Aganga, who is also the chairman of the committee, expressed optimism that with an increase in the contribution of the services sector from the previous 26 per cent to 51 per cent, all the energy of the government would be channelled to fast-tracking the early take-off of the NQP.

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

He said, “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 offered in the country.

“With the 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 increase in the services sector from the previous 26 per cent to 51 per cent shows the tremendous contributions of the services sector to the economy.

“Since the NQP is now known to strengthen institutions, private businesses, competence of measurements and laboratory/testing, all energies must be channelled to fast-tracking its early take-off and to also stimulate our targeted industrial growth and job creation aimed at achieving the Vision 2020.”

Also speaking at the event, the Director General, Standards Organisation of Nigeria, Dr. Joseph Odumodu, said the country would gain a lot, especially in the area of standardisation, when the NQP became operational.

He said while the work of the sub-committee continued, there was a need for members to remain focused in order to achieve the June timeline for the submission of the initial draft report for further discussions, consultation and review.

Odumodu called on members of the committee to come up with short-term suitable recommendations that would serve as deliverables towards fostering the development of the economy along global best practices.

The SON DG said over $500m could be saved over a period of five years from the implementation of the policy from this year.

 

 

[Punch]