Ugo Aliogo
The 2021 Macroeconomic Outlook report by the Nigerian Economic Summit Group (NESG) has urged the federal government to develop industrial policy and sectoral plans for priority areas as well as address the challenge of insecurity in the country.
The report disclosed that the manufacturing sector is one of the six sectors that have the potential to create jobs and reduce poverty.
The report also noted that for the sector to create jobs and reduce poverty, private investments would play a major role.
It further explained that from recent happenings, actual investments in manufacturing are realised when there is an intersection of market opportunities and government support. It maintained that Nigeria’s reliance on imports, its large market and the coming into effect of the African Continental Free Trade Area (AfCFTA) agreement present a huge opportunity for investment in the manufacturing sector, especially in agro-processing and light manufacturing.
Major investors in the Nigeria free trade zones (FTZ) have threatened to divest from the zones over a proposed reform by the federal ministry of industry, trade and investment (FMITI).
FG Creates Additional Economic Zones for Agriculture, Textile thisdaylive.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thisdaylive.com Daily Mail and Mail on Sunday newspapers.
By James Emejo
The federal government has approved the expansion of the existing Free Trade Zones (FTZs), as well as the activation of existing ones to respond to the demands of the African Continental Free Trade Area Agreement (AfCFTA) and the COVID-19 pandemic.
The Managing Director, Nigerian Export Processing Zones Authority (NEPZA), Prof. Adesoji Adesugba, who disclosed this Wednesday, further identified the new economic zones to include Funtua FTZ Katsina for textile and cotton, Lagos FTZ for medical, as well as Kwara for agriculture.
Speaking while receiving the leadership of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), led by Hajiya Saratu Iya Aliyu in his office, Adesugba said the move seeks to boost the industrialisation agenda of the present administration.
The federal government has approved the expansion of the existing Free Trade Zones (FTZs), as well as the activation of existing ones to respond to the demands of the African Continental Free Trade Area Agreement (AfCFTA) and the COVID-19 pandemic.