The Federal Ministry of Industry, Trade, and Investment (FMITI) on Thursday announced the establishment of an industrial revolution work group aimed at revitalizing the manufacturing sector.
This is aimed at addressing issues hindering job availability, drive sustainable economic growth, and security challenges, and overhaul the educational curriculum to emphasise skill acquisition, according to a statement issued by Director of Press and Public Relations, FMITI, Dr. Adebayo Thomas.
The Minister for State for Industry, Trade and Investment, John Enoh, during an interactive session with members of the Manufacturers Association of Nigeria (MAN) and other industrial key stakeholders in Lagos said the objective of the meeting was to gather first-hand information on the constraints limiting industry performance and to deliberate on practical solutions.
According to him, the need for a radical approach to revolutionise the Nigerian automobile industry and other manufacturing sectors was long overdue.
“The work group, which I will chair, will include the OPS chairman and other key players. We will meet quarterly with stakeholders to evaluate performance and address challenges.
“The importance of inter-ministerial collaboration, particularly with the Ministries of Power and Finance, to resolve industry challenges systematically” Enoh said.
He emphasized the need for legislative review and regulatory reforms to facilitate ease of doing business in Nigeria while reaffirming the federal government’s commitment to resuscitating the textile industry to create more jobs for the youth
Underscoring the importance of the new development The President of MAN, Francis Meshioye, said a strategic collaboration is needed to enhance the performance of the industrial sector.
“The industrial sector, as a catalyst for sustainable economic growth, remains an enabler, blurred with its inter-sectoral linkages providing the fastest route to achieving economic aspirations.
“We are committed to working collaboratively with your ministry to develop and implement policies that would fast-track industrial growth, increase productivity, and create jobs,” he added.
The Director-General of MAN, Mr Segun Ajayi-Kadir, urged the federal government to provide equity funds to Micro, Small, and Medium Enterprises (MSMEs), increase infrastructure provision, and prioritise the allocation of foreign exchange to manufacturers.
Ajayi-Kadir also called for a review of the timeframe for backward integration of crops and minerals, strategic tackling of security challenges, and an “overhaul of the educational curriculum to emphasise skill acquisition”.
“The government should compel all its institutions to patronise locally produced goods for all government contracts and purchases in compliance with relevant legislation and presidential executive orders,” he said.