Honourable Minister Federal Ministry of Industry Trade and Investment, Otunba Niyi Adebayo, during his remarks at the 50th Annual General Meeting of The Manufacturers Association of Nigeria (MAN) On Tuesday 18th October, 2022, Lagos.
Minister said I am delighted to be part of the 50th Annual General Meeting (AGM) of the Manufacturers Association of Nigeria (MAN) with the theme: “’AN AGENDA FOR NIGERIA’S INDUSTRIALIZATION FOR THE NEXT DECADE’’”. This year’s theme is very apt taking cognizance that one of the Federal Government cardinal objectives, is to industrialize and diversify the economy with a view to increasing manufacturing processing and creating job opportunities, he added.
Adebayo commended the president of Manufacturing Association of Nigeria (MAN) and his team for their excellent work and achievement especially in areas regular consultation with Government on issues bordering on manufacturing, Specific Intervention on members’ challenges, Fiscal Policy Incentives as well as the preparation and arrangement of its Annual General Meeting (AGM) over these years.
The minister stated that MAN has been a dependable ally to the Federal Ministry of Industry Trade and Investment (FMITI) in the Industrial and Manufacturing ecosystem in Nigeria and has been part of the giant strides in the industrial achievements in the country. The Association have been part of the development, formulation as well as implementation of various industrial policies of the country, he added.
In today’s world, minister noted that, there is no doubt that the level of industrialization is one of the bases for determining economic development. The manufacturing sector therefore, he said acts as a catalyst that accelerates the pace of transformation and diversification of the economy, enables a country to fully utilize its endowments and to depend less on foreign supply of finished goods or raw materials for its economic growth, development and sustainability. The manufacturing sector plays a pivotal role as a vehicle for the production of goods and services, creation of employment and generation of incomes.
Adebayo disclosed that this present administration of President Muhammadu Buhari in its quest to promote sustainable growth, amongst other things has come up with Nigeria’s National Development Plan (NDP), which focuses on: Stimulating growth, Investing in the Nigerian people, Making the economy globally competitive, Diversification of the economy, and Promoting Micro Small &Medium Enterprises (MSMEs).
“The Federal Ministry of Industry, Trade and Investment has been identified as one of the key Ministries to drive the implementation of the NDP. According to him, the Ministry will therefore, continue to pursue the following five identified pillars towards the implementation of National Development Plan:
i. Creating an Enabling Environment for Industry, Trade and Investment in Nigeria;
ii. Intensify the implementation of the Nigeria Industrial Revolution Plan (NIRP);
iii. Attract long-term local and foreign investment;
iv. Champion the cause of Nigeria’s MSMEs, as a means of creating jobs and achieving inclusive growth;
v. Promote the Integration of Nigeria businesses into the regional and global value chain.
Since my assumption of office, Adebayo noted that I have received briefings from the Departments and Agencies under the Ministry, which have strengthened my conviction that our Ministry is at the centre of economy recovery, growth and development of this country. These various engagements have strengthened my resolve and commitment in promoting a virile and well-structured manufacturing sector with effective horizontal and vertical linkages among the various sub-sectors, he stressed.
In his words: I will, therefore, be holding periodic dialogue and consultations with stakeholders in the manufacturing sector as a determined and committed response to the rapid growth and development of the sector. I want to enjoin you to work together as a team by supporting your leadership with fresh ideas while we continue to leave our doors open for meaningful cooperation and partnership, he added.
Minister stated that with your cooperation and understanding, the Federal Ministry of Industry, Trade and Investment is a willing partner in ensuring the necessary enabling environment that will further stimulate industrialization, accelerate domestic and foreign direct investments, as well as ensure that a coordinated and integrated approach to Nigeria’s Trade and Industrial policy is entrenched.
The Federal Ministry of Industry, Trade and Investment once again reiterate our desire to partner with the private sector in moving the manufacturing sector forward.
