June 13, 2024

Minister of Industry, Trade and Investment, Adeniyi Adebayo, yesterday, disclosed that the ministry would 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, the Minister said the auto policy was reviewed to increase local production of vehicles.

  Besides, the new policy would help the country to transit from semi-knock-down to completely knocked down/completely built-up manufacturing.

    The new policy also 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 ‘Industrialisation, 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 fortune of the country from oil dependence to a diversified economy, which is evident in the adoption and implementation of robust policies such as the Economic Recovery and Growth Plan (ERGP) and the Nigeria Industrial Revolution Plan (NIRP).

   “As part of the process of enhancing and fast-tracking our mandate towards industrialization 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 buildup of industrial capacity in Nigeria.

  “It aims to significantly raise the manufacturing contribution to GDP which is based on priority sectors, where Nigeria has a 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.

   He said the ministry under him has recorded appreciable achievements in the implementation of the NIRP, especially in the development and implementation of some sectoral policies such as the Backward Integration Program (BIP) in the cement industry, Nigeria Sugar Master Plan (NSMP), the Nigeria Automotive Industry Development Plan (NAIDP), cotton, textile and garment (CTG) policy, leather and leather products policy as well as the tomato industry policy.




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