Patience Azodo
20 November 2008
The Supervising Minister for Commerce and Industry, Dr. Aliyu Idi Hong has called on local banks and other development finance institutions to fund the establishment of industrial parks, clusters and Enterprise Zones project embarked upon by the government.
The'Clusters Concept Strategy, it will be recalled' was the brain child of the former Minister of Industry, Engr. Charles Ugwuh, which was adopted by the federal government as the platform for the country's new industrial development strategy (2007-2011).
While and investor will require between N60 billion to N150 billion to set up an industrial parks, and N10 billion and N50 billion for setting up an industrial clusters, about N2 billion to N5 billion is needed to build an enterprise zone.
According to the Supervising Minister, the cluster strategy is designed to facilitate businesses in which member companies would have enhanced infrastructural facilities through collaboration in management of resources, and urged local banks to lead the way in funding the projects.
He noted that Nigeria Banks could as well set set up businesses in the clusters.
He said that private sector should also reciprocate government gesture by inviting their business partners across the globe to establish business in the country.
He said that the clusters concept is a proven path which several developing economies such as Malaysia, Taiwan, Indonesia and others have adopted with remarkable success , adding that with total commitment and discipline on the part of government and private sector, industrial revolution will be achieved in the country.
"It is pertinent to emphasise that government has noted that the Nigeria's workforce is presently dominated by artisans and craftsmen and they also represent the bulk of the country's private sector," he said.
According to him, in order to achieve this objective, traders are as well urged to embrace the clusters initiative as it will boost industrialisation, adding that it will be a great thing for today's trader to become manufacturer, because this will increase our Gross Domestic Product (GDP) and create skilful employment that will engender value in our developmental programme
He said that the private sector need to take advantage of the great opportunities provided by the government and advantages which today's knowledge and technology-driven world offers.
The minister noted that innovation is a prime driver of change in the global economy.
He stress further that the most successful countries in the world are those that have supported critical thinking and invested heavily in harnessing and nurturing the creativite ingenuity and invectiveness of their people, adding that our private sector must lead the way in this direction.
He said that government will strive to maintain macro-economic stability and create a conducive business climate that will attract, encourage and support business to start and thrive.
He explained that government will promote competitiveness that could lead the country through part of sustainable development and transformation of Nigeria in a diversified economy with existing growth opportunities.
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