Time for Nigeria’s industrial revolution is now, Osinbajo warns

VICE President, Prof Yemi Osinbajo Vice has called on the Federal, state governments and the private sector to move the Nigerian Industrial Revolution Plan (NIRP) from planning to implementation stage.

He noted that in view of the present economic situation in the country, Nigerians are looking onto the political leadership to fix the economy within the shortest possible time.

Speaking at the opening of a two-day summit organized by Leadership Newspaper with the theme: Industrialisation in the States: A Leadership Summit; Osinbajo said the present administration is determined to tackle corruption, sanitize the system, restore investors’ confidence and build institutions for sustainable growth and development of the country.

The Vice President who was represented by the Minister of Industry, Trade and Investment, Mr Okechukwu Enemena assured that government would implement policies that would create enabling environment for investment, improved rapid industrialization and build institutional infrastructures for security, transparency and corporate governance.

He noted that it is the primary responsibility of government at all levels, in partnership with the private sector and the international community to ensure that the right thing is done adding that Nigeria will get right results when we start doing the right things.

Also speaking, Edo state governor, Adams Oshiomhole stated that Nigeria’s journey towards industrialisation requires an enabling environment and partnership between the public and private sectors.

He observed that President Muhammadu Buhari has started the journey for the nation’s economic recovery on the right path with the fight against corruption.

“Now with the method adopted by our President to fight corruption, the National Security Adviser to the President will not allow anything to happen to money meant for security, let alone to share it to politicians who have no business with it”, Oshiomhole said.

He pointed out that policy inconsistency is a major obstacle towards industrialization in the country and cited examples of granting of waivers by federal agencies, exchange rate policy and the activities of men of the Department of Customs and Excise.

In his remarks, the President of the Manufacturers Association of Nigeria, (MAN), Dr Frank Jacobs observed that the nation’s past efforts towards industrialization were not deep-rooted enough to elicit desired industrial breakthrough.

He said: “Government must create the necessary conditions for accelerated development of manufacturing in the country.

Failure in the recent years has resulted in factory closures and declining capacity utilization of some manufacturing outfits.