The Federal Government says it will focus on the implementation of the National Industrial Revolution Plan (NIRP) aimed at creating 1.5 million jobs by 2020 through Special Economic Zones (SEZs) as a part of its economic recovery plan.
The economic recovery plan document seen by the Daily Trust indicated that strengthening of small-scale businesses and the promotion of industrialization are priorities for economic recovery.
"Nigeria's manufacturing sector has been particularly vulnerable to the stagnant economic conditions," the document stated.
The document highlighted the difficulty of accessing foreign exchange to import intermediate goods and raw materials, and falling consumer demand as the major problems ."A revitalized manufacturing sector will create jobs, stimulate foreign exchange earnings and grow micro, small and medium enterprises (MSMEs). The involvement of small businesses in the service sector is a major lever for economic recovery," the report said.
The service industry accounts for 53 per cent of GDP and contains key sectors that can contribute to short-term economic growth and longer-term structural change.
The creative industries, especially music and film, also have great growth potential, as do both financial services and tourism.
The economic recovery plan lays out a total of 60 strategies that will collectively bring about the overall objective of inclusive growth through structural economic transformation.
Each strategy has a clear set of activities associated with it and a budget allocation for which the responsibility lies with a ministry, department or agency of the Federal Government.