By Lucy Ogalue
The National Institute for Policy and Strategic Studies (NIPSS), says the new Nigeria Industrial Policy (NIP) will revive the sector and raise its contribution to Gross Domestic Product (GDP) to at least six per cent.
The NIPSS Director-General, Prof. Ayo Omotayo, told the News Agency of Nigeria (NAN), on the sidelines of the NIP validation workshop, on Thursday in Abuja
According to him, the document is designed to address long-standing challenges of industrial development in the country.
Omotayo explained that unlike past industrial policies that failed at implementation, the new NIP identified key stakeholders and industrial trust centres, including development partners, with clearly defined roles and timelines.
According to him, the framework also provides for monitoring and evaluation mechanisms to ensure accountability, so that any sector that falls short of its role can be promptly corrected.
The NIPSS director-general said the reforms would bring coherence to Nigeria’s industrial ecosystem, enabling manufacturing and other subsectors to contribute more meaningfully to economic growth.
On the deadline, Omotayo said that the Minister of State for Industry had directed that the document be finalised by the end of September, to allow its submission for Federal Executive Council approval.
He added that implementation was expected to commence in October, with visible impact on the sector projected within the first six months of operation.
“This policy will be like a shot in the arm. We believe it will revive the industrial sector, give manufacturers the push they need and reduce dependence on imports,” Omotayo said.
NAN reports that the Minister of State for Industry, Sen. John Eno had described the policy as a framework to drive inclusive growth, job creation and national cocompetitiveness.
Eno expressed optimism that the NIP would help Nigeria shift from being a consumer economy to a producing nation and from exporting raw materials to exporting finished products. NAN