The Federal Executive Council (FEC) Monday approved the establishment of a Presidential Council on Industrial Revitalisation Roadmap to be chaired by President Bola Ahmed Tinubu.
Minister Industry, Trade and Investment, Doris Uzoka-Anite, who disclosed this while addressing State House correspondents at the end of the FEC meeting, said the council would have 10 sub-committees.
She said the sub-committees look at all the policies within federal government ministries. “We have a lot of policies, frameworks and guidelines that should help to revitalize the industries within these different ministries and agencies. And we’re supposed to collaborate and come up with single roadmap for each of these subcommittees or each of these roadmaps.
“And that is actually geared towards developing the full industrial revival of the economy in line with the eight point agenda of Mr. President. At the end of this, we expect to see a boost in investment coming into the different industrial sectors.
“We expect to see a boost in job creation and employment and a general increase in our indices, especially our GDP growth rates, which were said to be growing from 3.5% hopefully to 7%. And the GDP base of about 1 trillion which is in line with Mr. President’s vision.
“It is actually because of how to actualise this that we came up with a roadmap to stimulate industrial growth, especially catalyzing SME growth and in the whole industrial sectors,” she said.
The minister said the sub-committees are Sub-committee on Consumer Credit, Sub-committee on Commodity Exchange, Sub-committee on Heavy Industries and Steel development, and the Sub-committee on trade Facilitation and Ease of Doing Business.
Others are Sub-committee on Licensing and Certification of Artisans, Sub-committee on Trade Facilitation and Realisation, Sub-committee on Mining and Solid Minerals, Sub-committee on Oil and Gas, and Sub-committee on Creative Industries.
The minister said the FEC also approved the establishment of the committee to review the Free Trade Zone.
She said the committee would look at the setup, incentives, laws and the reforms and come up with reforms that would help to stimulate and catalyze the economic benefits of the free trade zones and special economic zones.
