GOVERNMENT BEGINS REVIEW OF INDUSTRIAL POLICY FOR COMPETITIVENESS, OTHERS
The Federal Government has unveiled plans to review the Nigeria Industrial Revolution Plan (NIRP) in a bid to achieve the global target of net-zero emissions by 2050 and align the plan with current economic realities. The government noted that the fourth industrial revolution, Africa Continental Free Trade Agreement (AfCFTA) and climate change have equally necessitated the need to review the policy.
The Minister of Industry, Trade and Investment, Adebayo Adeniyi stated that the review would also provide a clear and definite path to evaluate the nation’s industrial aspirations taking into cognisance AfCFTA. He added that the move would help Nigeria to take advantage of opportunities the trade pact offers while also creating job opportunities through increased production to leverage the wider market provided by AfCFTA.
He stated this at the official launch of Pacegate Energy & Resources Limited (PEARL’s) chemical treatment facility in Lagos, yesterday. He said the launch of the facility represents a significant landmark for the country’s industrialisation programmes, stressing that domestication of production and backward integration have been at the centre of the present administration’s industrialisation programme aimed at increasing the growth of the nation’s economy.
According to him, backward integration would increase local production, create job opportunities and improve the nation’s foreign exchange reserves. “It is, therefore, my pleasure to be here to commission this manufacturing plant which would contribute significantly to the production of indigenous oilfield solutions to the oil and gas industry. The company has invested over N1 billion to achieve an installed production capacity of 1,900 metric tonnes which will produce unique and standard oilfield for local industries in the oil and gas and transportation sectors,” he said.
“I believe this would help us go ahead to diversify the economy and improve the contribution of the manufacturing sector to Gross Domestic Product (GDP). It will also promote local content and save the nation’s foreign exchange from importing then now locally produced input,” he added. He said despite the challenge of the Covid-19 pandemic, the completion of this manufacturing plant at this time, demonstrates the company’s effort to support the present administration’s effort to accelerate the growth of the manufacturing sector.
Also speaking, the Managing Director, PEARL, Umesh Amarnani, said the facility which gulped about $6 million is a clear commitment to boosting local content in the country, maintaining that plans are ongoing to set up another at the Lagos free trade zone. Our vision is to challenge the status quo by thinking differently and collaborating with like-minded organisations to help their communities grow. We have partnered with state-of-the-art technology and component manufacturers to formulate world-class and eco-friendly products to meet the growing needs of the oil & gas, refineries, petrochemical and transportation sectors of the Nigerian economy,” he said.