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The container ship MSC Samantha of the Meriterranean Shipping Company is docked at the Apapa Port Complex in Lagos, Nigeria’s economy hub (Photo by PIUS UTOMI EKPEI / AFP)
Before I delve further into the details of our ongoing efforts in the Federal Ministry of Industry, Trade and Investments in the delivery of our mandate, I would like to revisit some fundamental challenges facing our nation today in order to provide the context for some of the major economic initiatives we are implementing at the Federal Government level.
Nigerian economy: Learnings from the past – Our challenges and accomplishments
As many of you may know, the Nigerian economy received much attention and was recognised as one of the fastest-growing economies in the world between 2010 and 2014. Yet when oil prices fell in 2014, the economy contracted and eventually slipped into a recession by 2016. The economy recovered from the recession and we witnessed eleven quarters of consecutive GDP growth since exiti
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Going forward, we will develop a robust plan to actualise the Executive Order, especially with regard to sanctions for non-compliance. We will also engage other MDAs to solicit support for the Made-In-Nigeria campaign. We will collaborate with the Bureau of Public Procurement to publish a catalogue of locally produced goods as well as monitor compliance as our contribution to achieving this goal.
In addition, as part of the industrialisation march, there are also several industrial policies expected to be finalised this year, including the Cotton, Textile and Garment Policy, the Oil Palm Policy, as well as the passage of the Automotive Industry Development Bill, to name a few. This will lay out strategies including incentives to ensure self-sustainability in critical sectors. We believe that the implementation of these industrial policies should create over 700,000 jobs with about 207,000 from the garment industry, 12,000 seasonal