Ministry calls for proper funding of industrial revolution plan

The Federal Ministry of Trade and Investment has called for proper funding of the Nigeria Industrial Revolution Plan (NIRP) to help drive economic development in the country.

In a communique on Friday in Abuja after its retreat, the ministry said that funding of the plan would enhance growth and development of the core sectors of the economy.

There is need for proper funding of infrastructural facilities that support the NIRP initiatives; need for direct intervention between the federal and state governments,” it said.

The communique called for direct intervention between thefFederal ands state governments for access to land in the implementation of NIRP.

According to the document, implementation of incentives and concessions on identified sectors under the NIRP and recognition of large industrial zones such as sugar production, auto components and clusters in Economic Zones was very necessary.

It stated that participants at the retreat agreed that the Industrial Council would serve as the apex body of the NIRP implementation, adding that the council was expected to address critical issues concerning the NIRP implementation.

They further agreed that the Nigeria-Export-Import Bank (NEXIMBANK) needed to be strengthened through recapitalisation of its base to meet the growing demand by stakeholders.

The communique stated that appropriate guidelines for allocation of concessionary interest rate and Forex in favour of productive activities was also necessary and should be handled well.

It noted that championing the cause of Nigeria’s MSMEs was imperative for the economic growth and development.

Source: Voice of Nigeria