— Targets N5trn manufacturing revenue annually
President Goodluck Jonathan yesterday launched the Nigeria Industrial Revolution Plan (NIRP) and the National Enterprise Development Programme (NEDEP) aimed at fast-tracking the development of micro, small and medium enterprises in the country.
Speaking during the launch of the programmes at the Banquet Hall of the State House in Abuja, Jonathan said the NIRP was the most ambitious and comprehensive road map that would transform the nation’s industrial landscape and boost skills development.
He said the NIRP was the flagship industrialisation programme ever embarked upon by the country that would fast-track industrialisation, accelerate inclusive economic growth, job creation and transform the country’s business environment and stop the drain on foreign reserves.
He said: “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.
“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.
“The goal of the Nigeria Industrial Revolution Plan is to increase the contribution of the manufacturing sector to GDP from the present four per cent to more 10 per cent over the next five years. This will boost the annual revenue earnings of the Nigerian manufacturers by up to N5trillion per annum.”
According to him, the National Enterprise Development Programme would reposition the micro, small and medium enterprises, the major drivers of job creation and inclusive economic growth.