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FG sets N5tn revenue target for manufacturing sector

By on February 13, 2014

President Goodluck Jonathan on Tuesday said the Federal Government expected the manufacturing sector to earn about N5tn in revenue annually following the inauguration of the Nigeria Industrial Revolution Plan and the National Enterprise Development Programme.

Jonathan, who said this during the inauguration of the NIRP and NEDEP at the Presidential Villa, Abuja, described the plan as the most ambitious and comprehensive road map that would transform the nation’s industrial landscape, boost skills development, enhance job creation and conserve foreign exchange.

He said, “The goal of the Nigeria Industrial Revolution Plan is to increase the contribution of the manufacturing sector to the GDP from the present four per cent to more than 10 per cent over the next five years. This will boost the annual revenue earnings of the Nigerian manufacturers by up to N5tn per annum.

“The NIRP is the most ambitious and comprehensive industrialisation programme because it is based on the areas where Nigeria has competitive and comparative advantages such as agriculture and agro-products, metals and solid minerals, oil and gas, and construction and light manufacturing services. It has identified those sectors where Nigeria can be number one in Africa and top 10 globally.”

The President stressed that the NIRP would address all the major physical constraints towards industrialisation, improve the nation’s investment climate and promote the patronage of made-in-Nigeria products.

He explained that the NEDEP would help to reposition the MSME sector as the major driver of job creation and inclusive economic growth, adding that the Federal Government would continue to promote the patronage of made-in-Nigeria products through the implementation of its local patronage policies and programmes.

Jonathan said, “The NEDEP is designed to develop and grow the Micro, Small and Medium Enterprises because all over the world, the MSMEs are primary drivers of employment. With the successful implementation of the National Enterprise Development Programme, Nigeria will attain her dream of inclusive economic growth.”

“A survey conducted by the Small and Medium Enterprises Development Agency of Nigeria and the National Bureau of Statistics in 2010 showed that we have about 17 million MSMEs, employing over 32 million people. If each of these 17 million MSMEs employs additional one person, we will create additional 17 million jobs, thereby reducing unemployment in our country.”

The President added, “The NIRP and NEDEP will give additional impetus to our Transformation Agenda by ensuring value addition, enterprise development and industrialisation.

“On our own part, the Federal Government will continue to support local manufacturers by buying vehicles that are made in Nigeria. And as long those vehicles are produced in this country, the Federal Government will buy them. So, we also encourage the state governments to support the patronage of made-in-Nigeria products in their states.”

In his welcome address, the Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, said the holistic and integrated nature of the NIPR and NEDEP had provided synergy and necessary linkages with other development plans of the various Ministries, Departments and Agencies of the government and the private sector, adding that the ministry would partner all the stakeholders to ensure the successful implementation of the programmes.

“The NIRP and NEDEP are both holistic and integrated. This means that they are joined at the waist with other MDAs. The NIRP and NEDEP adopt inclusive structures, which bring in other government agencies and the private sector to ensure adequate policy synergy,” Aganga said.

 

 

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One Comment

  1. Ahmed Rufai Khalil

    February 13, 2014 at 6:59 am

    Maybe, just maybe…it will work out fine. However,it is ambitious indeed.