Economy and Business

FG reviews Industrial Revolution Plan to reflect Economic realities

Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo on Monday disclosed that Nigeria’s Industrial Revolution Plan is being reviewed to reflect economic realities and aspirations of the Federal Government.

The Minister who spoke at the commissioning of chemical solutions manufacturing plant in Lagos, listed the economic realities to include the African Continental Free Trade Agreement (AfCFTA), imminence of the fourth industrial revolution and climate changes.

“The revision of the NIRP will provide a clear and definite path towards a new industrial aspiration, taking into cognisance our recent trade agreements and how we can take advantage of them; ensure a safer environment by adapting the policy to capture the global target of net zero emissions by 2050 and create job opportunities for Nigerians through increased production to leverage the wider market access provided by AfCFTA,” he said.

While congratulating the Board and Management of Pacegate Energy & Resources Limited on the commissioning of the first local content fluids and chemical solutions manufacturing plant in Nigeria, the Minister said the new plant represented a significant landmark for the country’s Industrialisation programme.

He said: “Domestication of production and Backward Integration have been at the center of this administration’s industrialisation program, to drive job intensive growth of the Nigerian economy.

They will increase local production, create job opportunities and improve our foreign exchange reserve position. It is therefore my pleasure to commission this manufacturing plant which will contribute significantly to the areas I just mentioned.

“I am reliably informed that the company has so far invested a sum of ₦1 billion to achieve an installed production capacity of 12,900MT, which will produce unique and standard oilfield chemicals for local industries in the Oil & Gas and Transportation sectors. I believe this will help in taking us steps ahead in our effort to diversify the economy and increase the contribution of the manufacturing sector to the GDP.

“Most especially, the plant will provide jobs to Nigeria’s workforce. It will also promote local content and save the nation the extra cost of importing the now locally produced input.

“Despite the challenges of the COVID-19 Pandemic, the completion of this manufacturing plant at this time demonstrates a deliberate effort by PEARL to support our determination to accelerate the growth of the manufacturing sector.”

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