Otunba Adeniyi Adebayo, Minister of Industry, Trade and Investment, has disclosed that the ministry will soon submit a new auto policy for Federal Executive Council approval.
Addressing Senior Executive Course 45 participants of the National Institute of Policy and Strategic Studies (NIPSS) who paid a visit to the ministry on Monday in Abuja, the Minister said the auto policy was reviewed with the objective of increasing local production of vehicles.
- Advertisement -
He explained that the new policy would help the country to transit from Semi Knock Down to Completely Knock Down/Completely Built Up manufacturing, adding that the new policy has as one of its objectives a plan to increase employment in the Automotive Value Chain.
Apart from the auto policy, the ministry is also working on a new investment policy and a review of the current trade policy which it intends to conclude before the expiration of the Buhari administration.
Speaking on the “Industrialization, Climate Change and Energy Security in Nigeria: Issues, Challenges and Prospects”. Adebayo said the Buhari administration has demonstrated in the last eight years, its determination to turn around the fortunes of the country from a dependence on oil to diversification of the economy, as evident through the adoption and implementation of robust policies such as the Economic Recovery and Growth Plan (ERGP) and the Nigeria Industrial Revolution Plan (NIRP).
According to him, “As part of the process of enhancing and fast tracking our mandate towards industrialisation in this country, the ministry came up with the Nigeria Industrial Revolution Plan (NIRP), a 10 year Plan to be reviewed after five years.
“The NIRP was approved in 2014 but its implementation started in 2015. The Plan which is now under review, is designed to accelerate the build up of industrial capacity in Nigeria.
“Its aim is to significantly raise manufacturing contribution to GDP which is based on priority sectors, where Nigeria has competitive and comparative advantage.
“These are Agriculture and Agro-allied Industries; Metals and Solid Minerals Industries; Oil and Gas Related Industries; Construction, Light Manufacturing and Services.”
He said the ministry has recorded appreciable achievements in the implementation of the NIRP, especially in the development and implementation of some sectoral policies such as Backward Integration Program (BIP) in the Cement industry, the Nigeria Sugar Master Plan (NSMP), the Nigeria Automotive Industry Development Plan (NAIDP), the Cotton, Textile and Garment (CTG) policy, Leather and Leather products policy as well as the Tomato Industry policy.
He listed the achievements recorded by the ministry under the BIP to include the
increased investment in the Cement Industry, which has resulted in self sufficiency in Cement production locally with Nigeria now being a net exporter of cement as well as the promotion of the sugar value chain which has attracted more investors into the Sugar Industry with the goal of attaining self-sufficiency in sugar production, among others.
End.
