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FG renames Ministry of Trade and Investment

By on March 18, 2013

The Federal Ministry of Trade and Investment has been renamed Federal Ministry of Industry, Trade and Investment (MITI), with effect from March 9, 2013.

The new identity was said to have been informed by the need to highlight moves to reposition the nation’s manufacturing sector.

The Minister of Industry, Trade and Investment, Olusegun Aganga disclosed this development at a meeting with the National Council of the Manufacturers Association of Nigeria (MAN) in Lagos on Thursday.

MAN has been the leading voice in the call for name change when government named the former Ministry of Commerce and Industry in 2011 as Ministry of Trade and Investment.

At the meeting with MAN national council, Aganga reiterated the position of the administration that the new National Industrial Revolution Plan (NIRP) would be the driver of the new vision of government for the manufacturing sector.

Besides, at the inauguration of the board of the National Competitiveness Council of Nigeria (NCCN) on March 4, President Goodluck Jonathan said that the 2014 budget and beyond would be designed to encourage the manufacturing sector for employment generation.

The 18-member board is chaired by Aganga, with Chief Kola Jamodu as member.

In support of government’s new resolve, the Minister explained that no major nation has managed to transform itself from a poor nation to rich nation by relying solely on exports of raw materials without a vibrant industrial and services sector.

He added that it is therefore critical for the country to address industrial development of Nigeria.

Aganga added that Nigeria currently underperforms its regional and global peers on industrial development but that the mission of government was to increase manufacturing contributions from four per cent to eight to 10 per cent of Gross Domestic Product over the next five years.

Jamodu had commended Aganga for his uncommon commitment to resolve challenges that manufacturers face in the domestic economy.

He also thanked the Minister for his open door policy and prompt responses to issues reported to the government by manufacturers.