Mr Olusegun Aganga , Minister of Industry, Trade and Investment on Thursday said the Nigerian Industrial Revolution Plan (NIRP) will boost the nation’s economy with N5 trillion per annum.
Aganga said this at the 2015 Annual Mechanical Engineers Distinguished Lecture entitled, “The Automotive Industry and Nigeria`s Industrialization.”
He said the NIRP is a road map that would transform the nation’s industrial landscape, boost skills, enhance job creation and conserve foreign exchange.
It would be recalled that President Goodluck Jonathan launched the NIRP programme in 2014. “It is the flagship industrialisation programme ever embarked upon by this country.
“It will fast-track industrialization, accelerate inclusive economic growth, job creation, transform Nigeria’s business environment and stop the drain on our foreign reserves caused by importing what we can produce locally,” Aganga said.
The Minister said the NIRP was geared towards addressing all the major physical constraints impeding industrialization.
He said that by so doing, the plan would improve the nation’s investment climate and promote the patronage of ‘Made-in-Nigeria’ products. According to Aganga, the goal of the NIRP is to increase the contribution of the manufacturing sector to GDP from the present four per cent to ten per cent over the next five years.
“This will boost the annual revenue earnings of the Nigerian manufacturers by up to N5 trillion per annum,” he said.
He said that industrial development plans have been developed for the sub- sectors such as cement, sugar, automobile, cotton, textiles and garment.
Aganga said others include steel, petrochemicals, cocoa, palm oil, leather and rubber products.