The Industrial Revolution Goes Full Steam Ahead in Nigeria

The Industrial Revolution Goes Full Steam Ahead in Nigeria

This is huge.

A massive socio-economic initiative to drive Nigeria’s economy into the next century.

Now is definitely the time to look into the possibilities of investment in Nigeria, especially with billions of dollars of potential revenue to be had.

Details from the Daily Times below:

Jonathan launches Nigeria Industrial Revolution Plan, NEDEP

 
*** Says It Would Generate N5trn Manufacturing Revenue Annually
ARTICLE | FEBRUARY 11, 2014 – 8:41PM | BY ELIZABETH EMBU

 

President Goodluck Jonathan, on Tuesday, launched the Nigeria Industrial Revolution Plan    (NIRP) and the National Enterprise Development Programme (NEDEP).

The Plan, he said will boost the annual revenue to be earned per annum by Nigerian manufacturers up to N5 trillion as well as set the stage for a new era of industrial, Micro, Small and Medium Enterprises development in Nigeria.

Speaking during the launch at the banquet hall of the Presidential Villa in Abuja, the President described the NIRP as the most ambitious and comprehensive road map that would transform the nation’s industrial landscape, boost skills development, enhance job creation and conserve foreign exchange.

He said “The benefit of NIRP will boost the annual revenue earned by Nigerian manufacturers by up to N5 trillion per annum.

“As we celebrate our centenary, it is clear to us that the measures of the nation cannot be detached from the dependability of its economy and a great economy must based on a solid industrial sector with well diversified minds and sources of revenue and a vibrate micro and small medium enterprises sector to create jobs and provide leverages.

“The Nigeria Industrial revolution Plan and the National Enterprise Development Programme will help to fast track the attainment of these goals. They are targeted at transforming Nigerian businesses and changing the lives of the ordinary people. It will accelerate inclusive growth and job creation and save the drain on our reserve cause by importing what we can produce locally.

“The NIRP is the flagship industrialisation programme ever embarked upon by this country. It will fast-track industrialisation, 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 in locally.

“The Nigeria Industrial Revolution Plan is the most ambitious and comprehensive industrialisation programme because it is based on the areas where Nigeria has competitive and comparative advantage such as agriculture and agro-products, metals and solid minerals, oil and gas, construction and light manufacturing services. It has identified those sectors where Nigeria can be number one in Africa and top 10 globally.”

Stressing that his administration has consolidated on Nigeria’s fiscal position, the President said that transformation of the agricultural sector will boost Nigeria’s food production by 20 million tonnes per annum, fundamentally reorganise the power sector by privatising 11 distribution and four generating companies and bringing in private sector capital and expertise.

He promised that he will continue to take steps that will ensure that he lives behind a stronger and better Nigeria than he met on assumption of office adding that “the NIRP will also address the physical constraints that have consistently inhibited the growth of manufacturing by building industrial infrastructure, prioritise power for industrial use, reduce borrowing cost and mobilise funds for the real sector. It will help to build our industrial skills, improve our investment climate, raise our product standards, link innovation to industry and ensure local patronage of made in Nigeria goods”.

Explaining the second programme the President said “The NEDEP has placed micro, small and medium enterprises at the center of our national economic policy, our vision is to take this new model for national enterprise development to all the 774 local governments in our country”.

The programme, he said, will fully unlock the potential of Nigeria’s micro,  small and medium enterprises sector by resolving many of the problems that most small business face such as access to finance, access to market, weak business development, dearth of technical skills, lack of infrastructure and insufficient market information.

According to him, the programme will create enterprise zones in every state of the federation, equipped with special infrastructure for small businesses to strive and transform Nigeria through employment generation, economic linkages and rural industrialization.

“We made very notable progressive towards our objective since we started implementing the two programme 12 months ago. Through the Nigeria industrial revolution plan (NIRP), we have significant cut the cost of business incorporation in Nigeria, we have mobilised new investments in the sugar sector exceeding $3 billion. In just four months, our auto mobilisation programme has attracted over six international car manufacturers including Nissan and Hyundai. We have also consolidated gains in the cement sector which has attracted over $8 billion  in investment and in supporting 1.6 million jobs.

“We have refocused attention on micro enterprises, in the last 12 months, the Bank of Industry has disbursed N10 billion to the smallest and the most fragile businesses at the bottom of the pyramid. As we look ahead to the future, sustainability and effectiveness are core principles that will guide our action. We will not only sustain the momentum of both Nigeria industrial revolution plan (NIRP) and the National Enterprise development programme (NEDEP), but also expand their impacts and reach” he added.

He further stated that “A survey conducted by the Small and Medium Enterprises Development Agency of Nigeria and the National Bureau of Statistics  in 2010 showed that we have about 17 million MSMEs, employing over 32 million people. If each of these 17 million MSMEs employ additional one person, we will create additional 17 million jobs thereby reducing employment in our country.”

On the made in Nigeria vehicles the President said “the Federal Government will continue to support local manufacturers by buying vehicles that are made in Nigeria. And  as long  those vehicles are produced in this country, the Federal Government will buy them. So we also encourage the state governments to support the patronage of made in Nigeria products in their states”.

He added that “So far no traditional ruler, no school child has died from using Innoson Motors and we have recently acquire all of them for our SURE-P programmes in all the states. At the federal level, I will also use this opportunity to plead with the states, we only accepts vehicles not produced in Nigeria. And not just vehicle only, and you know that the Due Process Law allows us to buy made in Nigerian products at 15 per cent higher than the imported ones to encourage local production.”

In his welcome address, the Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, said that the integrated nature of the NIPR and NEDEP had already provided a synergy and necessary linkages with other development plans of various Ministries, Departments and Agencies of the government and the private sector, adding that the ministry would partner all the stakeholders to ensure the successful implementation of the programmes.

“The NIRP and NEDEP are both holistic and integrated. This means that they are joined at the waist with other MDAs. The NIRP and NEDEP adopt inclusive  structures  which bring in other government agencies and the private sector to ensure adequate policy synergy,” he said.

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