FG re­news com­mit­ment to au­to­mo­bile, man­u­fac­tur­ing sec­tors

Daily Trust - - BUSINESS -

The Federal Govern­ment has re­newed com­mit­ment to the de­vel­op­ment of au­to­mo­bile and man­u­fac­tur­ing sec­tors.

The Min­is­ter of In­dus­try, Oluse­gun Aganga, stated the govern­ment’s com­mit­ment yes­ter­day in La­gos dur­ing a busi­ness round­table or­gan­ised by the Sam Ohuabunwa Foun­da­tion for Eco­nomic Em­pow­er­ment.

Aganga, rep­re­sented by Dr Joseph Odu­modu, Di­rec­tor-Gen­eral, Stan­dard Or­gan­i­sa­tion of Nigeria (SON), said the au­to­mo­bile in­dus­try has wit­nessed growth in the last six months more than it did in the past 30 years.

He at­trib­uted the growth to the align­ment of the pri­vate sec­tor and stake­hold­ers in the in­dus­try to govern­ment poli­cies for the sec­tor.

He said: “The au­to­mo­bile sec­tor has grown in the last six months than the past 30 years.

“The rea­son is not far from the co­op­er­a­tion of the pri­vate sec­tor and stake­hold­ers with the Na­tional In­dus­trial Revo­lu­tion Plan (NIRP).

“A ma­jor chal­lenge, how­ever, is that the value chain on raw ma­te­ri­als have not been prop­erly linked be­cause ma­jor man­u­fac­tur­ers still im­port bat­ter­ies, lu­bri­cants and so on.

“Presently, we are meet­ing with stake­hold­ers like IN­NO­SON, dis­cussing the way for­ward for the sec­tor.”

Aganga urged small and medium busi­ness own­ers to plan their businesses on a long term budget cy­cles rather than on a short term plan.

He said that “by 2050, it is es­ti­mated that Nigeria’s pop­u­la­tion will be one of the largest in the world, com­pet­ing with China,” adding that “this is a fac­tor that SMEs and lo­cal man­u­fac­tur­ers can lever­age on, on a long term ba­sis.”

He also urged pri­vate sec­tor prac­ti­tion­ers to es­tab­lish train­ing cen­tres for va­ri­eties of pro­fes­sion­als in or­der to de­velop the man­u­fac­tur­ing sec­tor.

Also speak­ing at the event, the Min­is­ter of Fi­nance, Dr Ngozi Okonjo-Iweala, said there were so many ben­e­fi­cial govern­ment poli­cies that Nige­rian en­trepreneurs had yet to ac­cess.

Okonjo-Iweala, rep­re­sented by Mr Gabriel Ajudua, a di­rec­tor in the min­istry, said in­vestors had yet to ac­cess the N100 bil­lion tex­tile in­dus­try in­ter­ven­tion, urg­ing them to do so.

She also said that the Federal Govern­ment was work­ing with pri­vate sec­tor to pro­vide 750,000 jobs in the agri­cul­ture and man­u­fac­tur­ing sec­tors.

The Pro­pri­etor of the Foun­da­tion, Sam Ohuabunwa, said the event was a plat­form for govern­ment of­fi­cials to in­form en­trepreneurs about the poli­cies that could ben­e­fit them. (NAN) its the

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