12 February 2014

Nigeria: FG Targets N5 Trillion Revenue, Launches Industrial Revolution Plan

President Goodluck Jonathan hinted yesterday that the Nigeria Industrial Revolution Plan (NIRP) was designed to increase the Gross Domestic Product (GDP) by getting the manufacturing sector to a level where its annual revenue earnings would hit N5trillion.

Jonathan disclosed this when he launched the Nigeria Industrial Revolution Plan (NIRP) and the National Enterprise Development Programme (NEDEP).

"The goal of the Nigeria Industrial Revolution Plan is to increase the contribution of the manufacturing sector to 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 N5trillion per annum," he stated.

According to him, the plan will set the pace for a new era of industrial, small and medium enterprises development in Nigeria, particularly the NIRP which he described as the most ambitious and comprehensive road map designed by his administration to transform the nation's industrial landscape, boost skills development, conserve foreign exchange, as well as enhance job creation.

He said, "The NIRP is the flagship industrialisation programme ever embarked upon by this country. It will fast-track industrialisation, accelerate inclusive economic growth, job creation, transform Nigeria's business environment and stop the drain on our foreign reserves caused by importing what we can produce locally.

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

Noting that the NIRP would address all physical constraints and challenges militating against industrialisation, the president said that it would also improve investment and promote the patronage of made in Nigeria products.

Jonathan further stated that NEDEP, as fashioned by the federal government, would help reposition the MSME sector as the major driver of job creation and inclusive economic growth, even as he said government would continue to promote the patronage of made-in-Nigeria products.

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