Nigeria: Govt Moves to Remove Constraints to Private Sector Investments

21 August 2019

The revised Nigeria Industrial Policy is aimed at liberalising the industrial sector by removing constraints to private investments, reduce cost of doing business and create conditions attract Foreign Direct Investments (FDIs), the Permanent Secretary, Ministry of Budget and National Planning, Ernest Umakhihe, has disclosed.

The Permanent Secretary, who was represented by the Deputy Director, Industry and Investment Division, Economic Growth Department of the Ministry, Zainab Pisagih, said this during the validation of the revised Nigeria Industrial Policy Draft, organised by the Federal Ministry of Industry Trade and Investment, (FMITI) in Lagos on Monday.

He pointed out that the industrial policy was anchored on the utilisation of resources in which the country has comparative and competitive advantages.

According to him, seeing the efforts stakeholders in the sector have made towards the sustainable development of the industrial sector, thereby leading to the growth of the economy, his ministry was ready to continue supporting such initiatives.

Umakhihe explained, "I expect that this five-day event would be very productive as it would take the industrial sector and indeed the entire economy to the next level in terms of growth and sustainable development.

"The government sought to take the Nigerian economy out of recession using the Economic Recovery and Growth Plan (ERGP). We are out of recession, but the economy is still fragile.

"The growth of the economy is not yet at a rapid level and also not inclusive yet; however, we are on the right path.

"We are optimistic of an improved future for the generations after us, so on this note we have very high expectations from the interactions that would take place in this process."

In his opening remarks, the Director Industrial Development Department, Federal Ministry of Industry, Trade and Investment, Adewale Bakare said, "The role industrial development and industrialisation plays on an economy like ours is vital. So, I am positive after this technical session that effective and implementable policy guidelines that would ensure industrial production takes its rightful place in the growth of the Nigerian economy.

"The outcome of this validation shall be part of the briefings for the incoming Ministers and a veritable tool to deepen the diversification drive of government.

"The quest for an industrial policy is all stakeholders' business and the Federal Ministry of Industry, Trade and Investment does not claim to know it all which is why we inclusively engage all stakeholders such as, MDAs, OPS, Development partners and the consumers before making an economic changing decision."

Also, the President, Manufacturers Association of Nigeria, (MAN), Mansur Ahmed, pointed out that the draft policy document captured some of the challenges hindering the attainment of set objectives for sustainable industrialisation in Nigeria and suggestions required to enhance industrialization in the country.

Ahmed added, "We believe that there is an urgent need to harmonise the overlapping mandates of regulatory agencies of government in order to significantly attract investment that would drive the expansion in the most valuable sector of the economy.

"This policy would help us deliver a robust industrial policy for the nation. MAN would be available to support all efforts necessary to facilitate the adoption and effective implementation of this policy."

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