1. The Nigeria Industrial Policy and Competitiveness Advisory Council (Industrial Council) has identified and agreed to implement initiatives across five core areas and enablers over the next 12 months, which includes the installation 18,000km of fibre optic to improve broad band penetration and strategic power projects totaling 4.2GW of electricity.
  2. This was made known by the Minister of Industry, Trade and Investment Dr. Okechukwu Enelamah, yesterday in Abuja
  3. The Council also has set up five sub-committees with five focus areas identified as necessary to fulfill its objectives including: Critical Infrastructure; Skills & Capacity; Trade & Market Access; Policy & Regulation; and Financing.
  4. In its meeting of Monday 30 October which was chaired by His Excellency, the Vice President, the Industrial Council also agreed to work on other areas as follows (c) Commence implementation of the recently approved Road Trust Scheme to accelerate construction national priority roads across the country; (d) Implement an Apprenticeship Program to bridge the gap between industry skills requirement and supply from educational institutions; and (e) Accelerate the implementation of the Nigerian Trade Remedy, Economic Safeguard and Anti-Dumping mechanism
  5. It will be recalled that the Federal Executive Council (FEC) in March 2017 established the Industrial Council to implement initiatives aimed at accelerating industrialization using private sector expertise and capital.
  6. The primary objective of the Industrial Council is to assist the Government in formulating policies and strategies that enhance the performance of a sector or industry in furtherance of the Industrialisation Program. The Council is chaired by the Vice-President Prof. Yemi Osinbajo while Minister of Industry, Trade and Investment Dr. Okechukwu Enelamah is Vice-chair. Other members are Alhaji Aliko Dangote who is also vice-chair; Minister of State Industry, Trade and Investment Mrs. Aisha Abubakar and Atedo Peterside are alternate vice-chair
  7. On the recent improved ranking of Nigeria on the World Bank Ease of Doing Business Report, the Minister said: “We’re are delighted about the progress made on the World Bank Ease of Doing Business Report, which saw Nigeria rise 24 places from 169th to 145
  8. “I want to reiterate that we’re not resting on our laurels. In fact, this gives us the impetus to work even harder. We are committed to deepening on-going reforms. We are already rolling out the next 60-day action plan that will see us embark on new reforms areas as well as institutionalize the ones currently being enforced”.
  9. He added: “It’s a marathon and not a 100 meter dash. Nigeria is committed to making Nigeria one of the easiest places to do business.”
  10. The Minister also touched on the up coming D-8 Ministerial Meeting focusing on Industrial Cooperation from November 14th-16th in Abuja, which will be hosted by the Ministry and opened by the Vice-President Prof. Yemi Osinbajo
  11. D-8 countries are Nigeria, Bangladesh, Egypt, Indonesia, Iran, Malaysia, Pakistan and Turkey
  12. The main objective of the group is to promote the socio-economic development of member countries. Six priority sectors have been identified in the Industrial and Economic cooperation between member states namely: Trade; Agriculture and Food security; Industrial Cooperation and SME; Transportation; Energy & Minerals; and Tourism
  13. The Ministry is the focal point Ministry in charge of Trade and Industrial Cooperation in the six (6) areas of Economic Cooperation. The key role of FMITI is to coordinate & promote the countries’ Industrial, Trade and Investment policies for the overall sustainable development of its citizens. As the coordinating Ministry for Investment, Trade and Industrial Cooperation, the Ministry ensures participation of relevant MDAs and the business community.

Signed,

Constance C. Ikokwu

Strategy & Communications Adviser to Minister

Constance.ikowku@fmit.gov.ng

Twitter:@ccikokwu

@TradeInvestNG