FG unveils plan for economic diversification, growth

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The Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah, has stated that the strategic focus of the ministry’s master plan for diversification and growth of the Nigerian economy is to work with private and development capital firms to leverage resources in order to achieve set target.

Enelamah disclosed this in Abeokuta, Ogun State on Monday while presenting the plan for economic diversification and growth by his ministry to the 8th National Council on Industry, Trade and Investment.

The minister, in a statement signed by his Strategic Communications Adviser, Constance Ikokwu, stated that with limited resources, the diversification and growth plan, otherwise known as the MITI Plan, was based on a partnership with the private sector.

He explained that based on resource constraints and low price of commodities, there was an urgent need to partner the private sector so as to leverage and catalyse resources and development capital.

Enelamah said the three pillars in the MITI Plan were the creation of a business-friendly environment; coherence between monetary, fiscal and structural reform policies; and provision of hard and soft infrastructure for growth.
He noted that the partnership with private and development capital firms as well as the three policy pillars were being implemented through specific initiatives, programmes and projects.

The minister said some of the priority areas of the MITI plan included creating an enabling environment to improve the ease of doing business; implementing the Nigerian Industrial Revolution Plan; providing support for Micro, Small and Medium Enterprises; and promoting trade and investment as engines of growth.

Enelamah stated that the global perception had been that Nigeria was a tough environment to do business.
“We must change this negative perception. Positive perception will attract investors, capital, technology and best practices,” he said.

This, he noted, could be achieved with the support of all state governments, adding that Nigeria must move expeditiously and ambitiously.

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