New Telegraph

Economic growth: FG targeting manufacturing to replace oil

The Federal Government has disclosed that it is targeting the manufacturing sector to replace oil as the number one export revenue earner for the economy. Similarly, government noted that it wanted to ensure that the manufacturing sector overtakes crude oil as the major foreign exchange (forex) earner in the country in the wake of the current trend and uncertainty surrounding global crude oil because of Russia-Ukraine conflicts. The Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, disclosed this in an interview with New Telegraph in Lagos, saying that recent events at the global scene, especially with the on-going Russia invasion of Ukraine and the economic sanctions that followed the war, had made the current administration of President Muhammadu Buhari to believe it’s time for the nonoil sector to drive the country’s economic emancipation.

Adebayo explained that government was working on a nonoil policy, whereby the real sector becomes the mainstay of the country’s GDP (Gross Domestic Product) in order to stop the country’s over reliance on oil. The industry minister said: “To enable government achieve economic diversification, we are working on a non-oil policy whereby manufacturing sector takes its pride of place in the country’s economy.

Manufacturing is a major foreign exchange (forex) earner for the country. “So, basically, we are working to try to see that manufacturing replace oil as the number one export in Nigeria.” Speaking on enabling business environment, Adebayo explained that more measures were being taken to simplify doing business in the country, especially in terms of creating a conducive environment for businesses to thrive through the PEBEC Act. He said: “Indeed, we are working frankly on that as you are aware, measures are being taking on that and more measures would be taking.

So, we are strengthening the Presidential Enabling on Doing Business Environment. “PEBEC Act is a big strengthen. We are in discussions with all the subnationals, the State governments with a view to make do with things that will make businesses possible for people so that it will reflect in the GDP of Nigeria.” He added that the current world event had made it a challenge imperative for Nigeria, stressing that this administration is working tirelessly to ensure that no Nigerian goes hungry or is unable to access affordable food items in the country. In the latest World Bank’s Ease of Doing Business Report, Nigeria has been leapfrogging in recent times.

For instance, the 2020 World Bank’s reports on Ease of Doing Business in the country saw Nigeria jumped to 131 position from 146 (2019), moving 15-places up the ladder. Besides, the ranking was Nigeria’s best performance since 2011. The Federal Government has traced the attainment of this feat on the efforts of the Presidential Enabling Buisness Environment Council (PEBEC). However, Nigeria still remain the biggest economy in the continent.

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