The Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, says the sector is crucial in the drive toward diversification of the nation’s economy, away from being oil dominated.
Adebayo spoke on Wednesday in Abuja at the Physical/Virtual 12th National Council on Industry, Trade and Investment meeting, with the theme “Revitalisation of the Industry, Trade and Investment Sector in Nigeria in the Post-COVID-19 pandemic era”.
He explained the pivotal role of the ministry as a key actor in the economy with the mandate to stimulate domestic investment and attract foreign direct investment into all sectors.
The minister said it was committed in facilitating trade in goods and services and maximising benefits of international trade through functional bilateral and multilateral trade relations.
According to him, in pursuance of its mandate, the ministry and its agencies have been implementing the Trading Priority Project assigned to the sector.
He listed the projects as: to automate and digitise trade certification processes, review the Presidential Enabling Business Environment Council (PEBEC) and the issuance of licences and permits to reduce time and cost of doing business.
Adebayo said that it was also charged to work with relevant regulatory agencies to reduce cost and ease the process of exporting locally produced goods and implement the National Trading Platform project among others.
He said in spite of the COVID-19 pandemic global challenges, the ministry continued to implement some key programmes such as the upgrading of Calabar and Kano free trade zones, with some projects completed and ready for commissioning.
The minister encouraged the states to support Federal Government initiatives and come up with pragmatic measures towards revitalising the sector.
In a remark, Amb. Mariam Katagum, the Minister of State for Industry, Trade and Investment, in her capacity as Chairperson of Steering committee of MSMEs Survival Fund, thanked all state governments for their support and cooperation toward the scheme.
Katagum thanked President Muhammadu Buhari for his effort in deepening diversification of the nation’s economy by tapping into existing potential in the sector for rapid job creation and sustained wealth generation.
