The Nigerian government has been urged to review its industrial policy for the country to achieve industrialisation and diversification for economic growth and development.
The Chairman House of Representatives’ Committee on Industry, Abubakar Hussaini Moriki gave the charge during a joint committee interaction with the Minister of Trade and Industry.
He said “The legislative and executive arms must work together to amend laws that constitute obstacles to the development of the nation’s economy.”
While reiterating the House’s commitment to the efforts at providing workable solutions to the country’s economic challenges, the lawmaker stressed the need for flexible investment policies that would stand the test of time.
The Chairman House Committee on Commerce, Sylvester Ogbaga in his remarks said for Nigeria to achieve industrialisation and its diversification drive, the country’s economic, investment and industrialisation policies must be reviewed to meet the current reality.
Mr. Ogbaga said “The Committee and the National Assembly will work on the country’s business and investment laws to provide the enabling environment for investment and business growth.”
The Minister of Trade and Investment Okechukwu Enelamah told the lawmakers that the Ministry is working to support the SMEs sector to propel the economy for growth.
On the specific efforts of the Ministry towards diversification, Mr. Enelamah said “though diversification cannot be achieved in a year, but policies are being adopted to divert the Nigerian economy and source of revenue from oil.”
The interactive between the Minister and the House Committees on Industry and Commerce, was to rub minds on ways to end economic recession in the country.