FG plans to increase manufacturing sector exports to $30bn annually by 2025
IN line with the Federal Government mandate to create a Made-in-Nigeria for Exports, MINE, project, the Federal Ministry of Industry, Trade, and Investment, MITI, said the government would be increasing manufacturing sector exports to at least US $30 billion annually by 2025.
To this effect, the Ministry is partnering with the Abia State Government and Crown Realties Plc, for the development of Enyimba Economic City in the State. In a statement made available to Vanguard, the Minister of Industry, Trade and Investment, Mr. Okechwuku Enelamah, said: “The Federal Government’s Economic Recovery and Growth Plan identifies the development of Special Economic Zones (SEZs) as a major strategic tool to accelerate the implementation of the Nigeria Industrial Revolution Plan through the manufacturing of goods for exports.
“Accordingly, Project MINE (Made in Nigeria for Exports), was envisioned by the Federal Ministry of Industry Trade and Investment and the Nigeria Export Processing Zone Authority (NEPZA), to develop SEZs to world-class standards and position Nigeria as the pre-eminent manufacturing hub in sub-Saharan Africa and a major exporter of made in Nigeria goods and services regionally and globally.
“The partnership is one of many under a programme to develop Special Economic Zones in the country, for which stakeholder engagement is ongoing. Other projects under the Public-Private Partnership model, which are to serve as pilot projects are in Katsina and Lagos states. MINE seeks to aid structural transformation of the Nigerian economy by increasing the manufacturing sector’s contribution to Gross Domestic Product, GDP, to 20 percent by 2025.
The report noted that, “It will also contribute to sustainable inclusive growth by creating 1.5 million new manufacturing jobs in the initial phase of the project. “Create local models of global best practice in the provision of world-class infrastructure at competitive costs connecting SEZs to international and regional markets with transport links, uninterrupted power, ICT, water, sewage, and other services to ensure smooth and efficient operation of SEZ businesses; “Promote the “cluster” effect to be gained by locating similar export-oriented manufacturing businesses within the same locality;
Attract world-class investors with strong positions in global supply chains and investors with a potential to increase the scale of operations rapidly to set up operations in SEZs; and
“Create an enabling environment for SEZ businesses by instituting best in class legal and regulatory frameworks, using technology and streamlined processes to facilitate movement of people, goods and capital and easy access to government services, approvals and permits, the report added.