By Christiana Amodu Otinyia
The Minister of Industry, Trade, and Investment, Adeniyi Adebayo has disclosed that the ministry will soon submit a new auto policy for Federal Executive Council approval.
Adebayo stated this while addressing Senior Executive Course 45 participants of the National Institute of Policy and Strategic Studies (NIPSS) who paid a visit to the ministry, said the auto policy was reviewed with the objective of increasing local production of vehicles.
The new policy also has as one of its objectives a plan to increase employment in the Automotive Value Chain and help the country to transit from Semi Knock Down to Completely Knock Down/Completely Built Up manufacturing.
Speaking on the “Industrialization, Climate Change, and Energy Security in Nigeria: Issues, Challenges, and Prospects”. He added that the Buhari administration has demonstrated in the last eight years, its determination to turn around the fortunes of the country from a dependence on oil to the diversification of the economy, as evident through the adoption and implementation of robust policies such as the Economic Recovery and Growth Plan (ERGP) and the Nigeria Industrial Revolution Plan (NIRP).
According to him, “As part of the process of enhancing and fast-tracking our mandate towards industrialization in this country, the ministry came up with the Nigeria Industrial Revolution Plan (NIRP), a ten (10) year Plan to be reviewed after five years. The NIRP was approved in 2014 but its implementation started in 2015. The Plan which is now under review is designed to accelerate the build-up of industrial capacity in Nigeria.”
He said the ministry under him has recorded appreciable achievements in the implementation of the NIRP, especially in the development and implementation of some sectorial policies such as the Backward Integration Program (BIP) in the Cement industry, the Nigeria Sugar Master Plan (NSMP), the Nigeria Automotive Industry Development Plan (NAIDP), the Cotton, Textile, and Garment (CTG) policy, Leather and Leather products policy as well as the Tomato Industry policy.
The ministry is also working on a new investment policy and a review of the current trade policy which it intends to conclude before the expiration of the Buhari administration.