Nigeria launches economic diversification master plan

Elizabeth Christopher, Abuja and Sekinat Opebiyi, Abeokuta

A master plan for Diversification and Growth of the economy has been launched by the Nigerian government.

The Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah stated that the plan would be implemented  through specific initiatives, programmes and projects.

” The three pillars in the policy framework of the Plan are: Creating a business-friendly environment, Ensuring coherence between monetary, fiscal and structural reform policies so that the economic policies of government are coordinated and targeted at the common purpose of structural transformation to diversify, elimination of distortions and sustained growth; and Provision of hard and soft infrastructure for growth” he explained.

Dr. Enelamah spoke while formally presenting the Plan to the 8th National Council on Industry, Trade and Investment in Abeokuta ,Ogun State.

According to Dr Enelamah, the strategic focus of the ministry’s is:“Partnering with Private and Development Capital to Leverage and Catalyze Resources for diversification and Growth.” 

“Based on resource constraints and low price of commodities, including oil, it is an urgent necessity to partner with the private sector so as to leverage and catalyse resources and development capital,” Dr Enelameh stated.

Meanwhile, former president Olusegun Obasanjo says Nigeria needs to establish viable and active coastal shipping system linking it with other African countries to boost her economic growth.

This, he believes will help ease the current economic recession.

Chief Obasanjo was speaking at the 8th National Council on Industry, Trade and Investment summit in Abeokuta the Ogun state capital.

Obasanjo, explained that “when an economy is in recession like our economy today, one of the things that can move that economy out of recession is for us to trade among ourselves and to trade vigorously and actively with the rest of the world.”

Obasanjo also canvassed for trade among African countries, saying nations in the continent must emulate European countries that trade amongst themselves even though they provide similar products.

He stressed that “as I have said, trading must be encouraged; internally and externally’’, we have been told that we in ‎Africa, are the least in terms of inter-African trading compared with Asia and Europe which has as much as 65% while Africans have only 12%’’.

 

Mercy Chukwudiebere