The Nigeria Industrial Revolution Plan (NIRP) is likely to increase the annual revenue of the nation’s manufacturing sector to US$25bn, said Nigerian minister for industry, trade and investment Olusegun Aganga
The minister said that the goal of the NIRP was to increase the contribution of the manufacturing sector’s GDP from the current seven per cent to more than 10 per cent in the next five years.
The NIRP, a flagship industrialisation programme, will fast-track industrialisation, accelerate inclusive economic growth and job creation, transform Nigeria’s business environment and stop the drain on foreign reserves caused by importing goods.
According to Aganga, the NIRP is ‘ambitious and comprehensive’ because its based on sectors that the country has competitive and comparative advantages in, such as agro-allied, metals and solid minerals, oil and gas industrial activities and construction, light manufacturing and services. These are the industrial sectors Nigeria could aspire to be number one in Africa and rank in the top 10 globally, added Aganga.
The flagship programme is geared towards addressing all major physical constraints impeding industrialisation, aims at improving the nation’s investment climate and promote the patronage of made-in-Nigeria products.
Nigerian President Goodluck Jonathan launched the NIRP and the National Enterprise Development Programme (NEDEP) in a bid to strengthen the economic base of the country, and usher a new era for industrial, micro, small and medium enterprises (SME) development.
