By Ahmed Rahma
The federal government is planning to review the National Industrial Revolution Plan (NIRP), the Minister of Industry, Trade and Investment, Mr Niyi Adebayo, has disclosed.
Mr Adebayo, who was speaking at the 34th Lagos International Trade Fair over the weekend, said the review will look critically into backward integration.
The Minister was in Lagos to declare the annual event open on behalf of President Muhammadu Buhari, who expressed optimism that this action will boost local production.
According to Mr Buhari, the challenges associated with the COVID-19 pandemic had made it important to accelerate the growth of the industrial sector.
“We are currently revamping the NIRP with a focus on driving backward integration and increasingly domesticating production of key products, especially sugar, dairy, palm oil, cotton, textiles and garments, automobiles and cassava starch.
“We are also to concession two Brownfield Special Economic Zones (Kano and Calabar) while commencing work on developing four additional Greenfield sites across the country,” the President said.
He stated that the government was also facilitating trade and maximising the benefits of international trade through multilateral trade relations with other countries.
On his part, the Governor of Lagos State, Mr Babajide Sanwo-Olu, commended the federal government for creating the N2.5 billion Lagos Recovery Fund.
Mr Sanwo-Olu, who was represented at the fair by the Deputy Governor, Mr Obafemi Hamzat, said the fund is for looted businesses during the #EndSARS protest. He disclosed that over 2,500 business owners have applied for it.
He also said the government was committed to improving the business environment to make it more attractive for investment.
In her welcome address, the president of the Lagos Chamber of Commerce and Industry (LCCI), Mrs Toki Mabogunje, commended the government for its effort to provide an enabling environment for businesses to thrive.
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