BY AMAECHI OGBONNA, WALTER UKAEGBU
AND CHARLES NWAOGUJI
There is a gradual shift from the
West to the East as India is now
Nigeria’s leading trade partner with
oil and non-oil exports hitting N1.8
trillion.
The United States of America, which used
to be Nigeria’s leading trade partner,
particularly in the oil sector, has ceased
buying oil from Nigeria as they now
produce 8.5 million barrel of oil daily.
The Federal Government, as a result, said
it would be expanding its non-oil export
base through the Nigeria Export Promotion
council, (NEPC) with focus on diversifying
its economic base beyond the oil sector.
Olusegun Aganga, the Minister of Industry,
Trade and Investment during a public
presentation over the weekend, said govern­
ment has rolled out an industrial policy
that would expand its non-oil base and
advance the country economically.
He explained that the Nigerian Industrial
Revolution Plan(NIRP)is leveraging on
where Nigeria has competitive advantage,
while dropping attention from the oil sector
and shifting attention to industrialsiation
where Nigeria has comparative advantage.
According to Aganga, “Government through
its industrialisation policy has attracted
various investments in the country in the
last four years. For instance, Dangote
investment of $16 billion, Flour mill
investment of $1.2billion, Indorama in
fertilizer investment of $1.2 billion and $1.4
billion investment in ethanol. GWC $1.2 bil­
lion in petro-chemicals”
He disclosed that that the NEPC is being
positioned to focus on non-oil exports
which he described as a game changer for
the country with a target of 10 years
strategic plan.
Speaking further on investment drive,
Aganga said: “Nigeria would be create
more jobs with investment of $9 billion in
Petro-chemicals and would make more
money. With the investment policy in
cement, Dangote has largest cement,
Olams has the largest rice mill in sub-
saharan African worth $72 million,P&G is
the largest Investment by U.S company in
Nigeria”.
He assured the nation of efforts in various
other sectors in loosening the constraints
being encountered by investors, as he said
that CAC has reduced the cost of reduction
in business registrations.
He added further that the ministry has
embarked on 62 reforms in line with the
industrialization policies of the present
administration.
Credit:www.sunnewsonline.com/new/?p=90107

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