FG Develops Framework to Exploit Potential in Bio-economy

James Emejo

The federal government yesterday said it has commenced a process towards finalising a blueprint for a National Bio-economy Strategic Framework for the country.

Minister of State for Budget and National Planning, Prince Clem Agba, said bio-based products and markets can become major driver of growth for the economy in the new decade “If we put our acts together and do the right thing,” adding that: “We cannot lose out in this direction this time around.”

Speaking while declaring a workshop on creating a sustainable bio-economy in Nigeria, he noted that the German bio-based economy grew by 22 per cent between 2002 and 2010 while regional bodies, including the European Union, are also working out measures to place their bio-economy on the right path for rapid and sustainable growth.

The minister further stated that the Medium Term National Development Plan (2021-2025), which is currently being prepared to replace the Economic Recovery and Growth Plan (ERGP) which elapsed later this year as well as the Agenda 2030 are expected to accentuate and provide a coordinated approach for harnessing the inherent potential of the bio-economy towards addressing the unemployment challenges in the country going forward.

He said though globally, preparation of bio-economy strategy and harnessing bioresources are of recent initiatives, several countries have nonetheless carefully crafted their bio-economy strategies for efficient utilisation of bio-resources while at the same time ensuring inter-generational equity by safeguarding the environment.

Agba noted that the country has huge potential in bio resources, particularly biomass, which could be harnessed to create wealth, jobs and enhancethegrowthanddevelopment of the economy.

He said the diversification of the economy and revenue bases had become critical and of immediate importance to address the challenges of fragile growth and dwindling revenue base, adding that the creation of bio-economy will further promote the present administration’s diversification agenda.

Agba said the opportunities in the bio-economy could also address instances of low investment and foreign capital inflows, high rates of unemployment and incidence of poverty.