Ministry set to submit auto policy for FEC’s approval—Adebayo

Mon, Apr 3, 2023
By editor
3 MIN READ

Economy

 THE Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo says the ministry will soon submit a new auto policy for the approval of the Federal Executive Council (FEC).

The minister said this when the Senior Executive Course 45 participants of the National Institute of Policy and Strategic Studies (NIPSS) visited him on Monday in Abuja.

In a statement issued by his Special Adviser on Media, Mr Ifedayo Sayo, the minister said that the auto policy was reviewed with the aim to increase local production of vehicles.

“Besides, the new policy will help the country to transit from semi knock down to completely knock down/completely built up manufacturing.

“The new policy also has as one of its objectives a plan to increase employment in the automotive value chain,’’ Adebayo said.

According to him, apart from the auto policy, the ministry is also working on a new investment policy and a review of the current trade policy which it intends to conclude before May 29.

Adebayo said that the Federal Government demonstrated determination to turn around the fortunes of the country from dependence on oil to diversification of the economy.

According to him, this is evident through the adoption and implementation of robust policies such as the Economic Recovery and Growth Plan (ERGP) and the Nigeria Industrial Revolution Plan (NIRP).

“As part of the process of enhancing and fast-tracking our mandate toward industrialisation in this country, the ministry came up with the Nigeria Industrial Revolution Plan (NIRP), a 10 year plan to be reviewed after five years.

“The NIRP was approved in 2014 but its implementation started in 2015. The Plan which is now under review is designed to accelerate the build-up of industrial capacity in Nigeria.

“Its aim is to significantly raise manufacturing contribution to Gross Domestic Product (GDP) which is based on priority sectors, where Nigeria has competitive and comparative advantage.

“These are agriculture and agro-allied industries, metals and solid minerals industries, oil and gas related industries, construction, light manufacturing and services,’’ the minister said.

He said that the ministry under him has recorded appreciable achievements in the implementation of the NIRP.

“Especially in the development and implementation of some sectoral policies such as Backward Integration Programme (BIP) in the Cement industry.

“Others are the Nigeria Sugar Master Plan (NSMP), the Nigeria Automotive Industry Development Plan (NAIDP), the Cotton, Textile and Garment (CTG) policy, Leather and Leather products policy as well as the Tomato Industry policy,’’ Adebayo said.

He listed the achievements recorded by the ministry under the BIP to include increased investment in the cement industry, resulting to self-sufficiency in cement production locally with Nigeria being a net exporter of cement.

“Promotion of the sugar value chain has attracted more investors into the sugar industry with the goal of attaining self-sufficiency in sugar production.

“Revitalisation of local auto assembly operations and enhancement of local content in the assembly of components in the Nigerian automotive industry,’’ he said.

He said that the ministry ensured improved competitiveness in all segments of the cotton, textile and garment sector.

According to him, post-harvest losses of tomato fruits have been tremendously reduced.

“This has created increased investment in the value chain and boosted production in the tomato industry.

“More so, there is a promotion and enhancement of investments in the industrial sector by the granting of concessions on importation of machinery and equipment that cannot be fabricated locally,’’ Adebayo said. (NAN) 

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