Nigeria’s Federal Executive Council Approves Presidential Council on Industrial Revitalisation Roadmap

Nigeria’s Federal executive Council (FEC) meeting, presided over by President Bola Tinubu, has approved the establishment of a Presidential Council on Industrial Revitalisation Roadmap. This council, chaired by President Bola Tinubu, will consist of 10 subcommittees. The Minister of Industry, Trade, and Investment, Doris Uzoka-Anite, provided details about the new Council and its responsibilities. The subcommittees will examine existing policies within various ministries, as well as the Ministry of Industry, Trade, and Investment, and work collaboratively to develop a unified roadmap for industrial revitalisation.

This initiative aligns with the eight-point agenda of President Bola Tinubu and aims to boost investment, job creation, employment, and overall economic growth, with the goal of increasing the GDP growth rate from 3.5% to 7%.

The subcommittees include those focused on consumer credit, commodity exchange, heavy industries and steel development, trade facilitation, ease of doing business, licencing and certification of artisans, trade facilitation and realisation, mining and solid minerals, oil and gas, and creative industries. The subcommittees on defence, industries, and pharmaceuticals have been stepped down.

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The FEC also approved the constitution of a committee to review the setup of Free Trade Zones, focusing on incentives, laws, and reforms to stimulate economic benefits within these zones.

Doris Uzoka-Anite on the Industrial Revitalisation Roadmap

“We have a lot of policies, frameworks and guidelines that should help revitalise the industries within these different ministries and agencies. And we’re supposed to collaborate and come up with single roadmap for each of these subcommittees or each of these roadmaps. And that is actually geared towards developing the full industrial revival of the economy in line with the eight-point agenda of Mr. President.

“At the end of this, we expect to see a boost in investment coming into the different industrial sectors.

“We expect to see a boost in job creation and employment and a general increase in our indices, especially our GDP growth rates, which were said to be growing from 3.5% hopefully to 7%. And the GDP base of about 1 trillion which is in line with Mr. President’s vision.

“It is actually because of how to actualize this that we came up with a roadmap to stimulate industrial growth, especially catalysing SME growth and in the whole industrial sectors.”

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