Buhari to implement Jonathan’s FDI industrial revolution plan

The President Muhammadu Buhari’s administration has announced plans to implement the Nigeria Industrial Revolution Plan (NIRP) initiated by the immediate past administration led by Goodluck Jonathan.

Proactively designed to salvage Nigeria’s economy from its monolithic status, the NIRP was launched in 2014 to transform the country from commodity export nation into an industrial economy.

While launching the programme, former President Jonathan described it as the most ambitious and comprehensive roadmap that would transform the nation’s industrial landscape, boost skills development, enhance job creation and conserve foreign exchange.

Speaking at his inaugural press briefing in Lagos, the Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah, said that manufacturing currently contributes only a tenth to the nation’s Gross Domestic Product (GDP), which is much lower than it does in other emerging market economies.

The minister said that the industrialisation ambition of the nation was hinged on the NIRP, adding that it was now time to move the comprehensive document from plan to action.

His words: “It is now our duty to implement that plan in light of current realities, taking into consideration the lessons learnt in the two years since it was unveiled.

“We are focusing on identifying and supporting a select number of industrial sectors in which Nigeria has comparative advantage. We have seen success in our backward integration policies in the cement industry; and sugar is currently trying to replicate that success.

“In the automotive, cotton, textile and garment (CTG) industries, we are continuing discussions with players and stakeholders to see how we can better implement an industrial policy that creates jobs, profits and prosperity.”
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While describing the current economic situation as extraordinary times for Nigeria as a country, its citizens and for the government, he lamented that oil price, on which the nation depended for 75 per cent of government revenues and 90 per cent of foreign exchange earnings, has been down by 70 per cent since mid-2014.

He explained that the development was coupled with the knock-on effects from changing conditions in the world’s two largest economies, from the end of the era of quantitative easing in the United States and availability of higher returns to investors, and the slowdown in China.

“These are also accompanied by a net outflow of investment from emerging markets. The negative impact of all these on our economy, everything from government’s finances to investment flows to currency valuation has been significantThe President Muhammadu Buhari’s administration has announced plans to implement the Nigeria Industrial Revolution Plan (NIRP) initiated by the immediate past administration led by Goodluck Jonathan.”
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Proactively designed to salvage Nigeria’s economy from its monolithic status, the NIRP was launched in 2014 to transform the country from commodity export nation into an industrial economy.

While launching the programme, former President Jonathan described it as the most ambitious and comprehensive roadmap that would transform the nation’s industrial landscape, boost skills development, enhance job creation and conserve foreign exchange.

Speaking at his inaugural press briefing in Lagos, the Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah, said that manufacturing currently contributes only a tenth to the nation’s Gross Domestic Product (GDP), which is much lower than it does in other emerging market economies.
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The minister said that the industrialisation ambition of the nation was hinged on the NIRP, adding that it was now time to move the comprehensive document from plan to action.

His words: “It is now our duty to implement that plan in light of current realities, taking into consideration the lessons learnt in the two years since it was unveiled.

“We are focusing on identifying and supporting a select number of industrial sectors in which Nigeria has comparative advantage. We have seen success in our backward integration policies in the cement industry; and sugar is currently trying to replicate that success.

“In the automotive, cotton, textile and garment (CTG) industries, we are continuing discussions with players and stakeholders to see how we can better implement an industrial policy that creates jobs, profits and prosperity.”

While describing the current economic situation as extraordinary times for Nigeria as a country, its citizens and for the government, he lamented that oil price, on which the nation depended for 75 per cent of government revenues and 90 per cent of foreign exchange earnings, has been down by 70 per cent since mid-2014.

He explained that the development was coupled with the knock-on effects from changing conditions in the world’s two largest economies, from the end of the era of quantitative easing in the United States and availability of higher returns to investors, and the slowdown in China.

“These are also accompanied by a net outflow of investment from emerging markets. The negative impact of all these on our economy, everything from government’s finances to investment flows to currency valuation has been significant.”