President Muhammadu Buhari has said the government is encouraging domestic production in order to accelerate industrialisation.
Buhari, who was represented by the Minister for Industry, Trade and Investment, Mr Niyi Adebayo, at the opening ceremony of the 34th Lagos International Trade Fair on Friday, said backward integration was one of the focal points of the government.
According to him, challenges associated with the COVID-19 pandemic had made it important to accelerate the growth of the industrial sector.
At the trade fair hosted by the Lagos Chamber of Commerce and Industry, the president said these would be achieved with the review of the National Industrial Revolution Plan.
He said, “We are currently revamping the NIRP with a focus on driving backward integration and increasingly domesticating production of key products, especially sugar, dairy, palm oil, cotton, textiles and garments, automobiles and cassava starch.
“We are also to concession two Brownfield Special Economic Zones (Kano and Calabar) while commencing work on developing four additional Greenfield sites across the country.”
He stated that the government was also facilitating trade and maximising the benefits of international trade through multilateral trade relations with other countries.
Also speaking, Lagos State Governor, Babajide Sanwo-Olu, who was represented by the Deputy Governor, Dr Obafemi Hamzat, said the government was committed to improving the business environment to make it more attractive for investment.
Following the destruction after the #EndSARS protest, he said the government created a N2.5bn Lagos Recovery Fund for looted businesses, and over 2,500 business owners had applied.
In her welcome address, the President, Lagos Chamber of Commerce and Industry, Mrs Toki Mabogunje, encouraged investors not to relent in their efforts to develop the economy.