FG renews commitment to automobile, manufacturing sectors

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