Nigeria’s Acting President, Professor Yemi Osinbajo, has inaugurated Nigeria’s National
Industrial Policy Competitiveness Advisory Council in furtherance of the Buhari administration’s commitment to creating an enabling environment for industry to grow.
The industrial Council is expected to work with government to formulate policies that will make the Nigerian Economy competitive, particularly as it relates to industrialization.
The Federal Executive Council had, at its meeting on the 15th of March 2017, approved the establishment of the council as a formal channel for partnering with the private sector to get their input, buy-in and
feedback on the industrialization programme of the country.
The Council will be chaired by the Vice President and in this case the vice-president, who is the head of the economic team, while the Minister of Trade and Investment, Okechukwu Enelamah, will sit on the council as vice chairman from the public side.
Renowned industrialists and Africa’s riches mant, Aliko Dangote, is to serve as the vice chairman of the Council from the private sector with immediate past chairman of the Stanbic IBTC Bank, Atedo
Peterside, as alternate Chairman .
Speaking at the inauguration, which took place at the Vice-President’s Conference Room of the Presidential Villa, Abuja, Osinbajo said Nigeria cannot industrialize without the collaboration of the publicand private sectors.
“The reason why this is so absolutely important is because, generally speaking, we know that the public sector by itself cannot do business. Everywhere we have seen examples of government doing industrialization
and all of that. It always ended in stagnation. Even the most successful experiments have always ended in stagnation because government simply does not make the best businessmen or women.government is not motivated enough” he said.
The key focus of the Council, he said is implementation,and “it is expedient that we focus and solve all the stubborn problems that drags us away from the path of industrialisation. Such problems such as in
sufficient industrial Power,ramping up value added manufacturing and exports must be addressed “Osinbajo said.
He tasked the Council to work on issues that stymie industrialisation to see “how we could get out of the vicious circle of no power,no industry,and other hindering problems, which are
Also speaking, the Minister of Industry Trade and Investment, Enelamah, said the council would make
input to the formulation of sectoral and industrial policy,and government interventions aimed at enhancing the performance of the Nigeria Industrial sector.
According to him, the council would also provide feedback on government policies and programs that affect the Industrial sector; make recommendations, propose initiatives and bring perspectives that promote competitiveness and growth of the Nigerian industrial sector.
The terms of the council include providing input to Nigeria’s trade negotiations and agreements with a view to ensuring that the view of Industry and industrialisation targets are taken into consideration.
Members of the council are drawn from the private and public sectors.