FEC Approves Establishment Of Presidential Council On Industrial Revitalisation
Federal Executive Council (FEC) has given its nod to the establishment of the Presidential Council on Industrial Revitalization Roadmap, which will be chaired by President Bola Tinubu and comprise ten subcommittees.
The Minister of Trade, Industry, and Investment Doris Uzoka-Anite stated this at the end of the FEC meeting yesterday while speaking to newsmen.
She explained that the subcommittees will deliberate on various policies within different ministries and the Ministry of Industry, Trade, and Investment.
She said, “We have a plethora of policies, frameworks, and guidelines aimed at reinvigorating industries across these diverse ministries and agencies. We are mandated to collaborate and devise a unified roadmap for each of these subcommittees, all geared towards fostering a comprehensive resurgence of the national economy in accordance with Mr. President’s eight-point agenda,” she emphasized.
“At the conclusion of this effort, we anticipate an upsurge in investment across various industrial sectors. We also expect to witness a surge in job creation, bolstering employment figures and an overall improvement in our indices, particularly our GDP growth rates, projected to escalate from 3.5% to an aspirational 7%, with a GDP base of approximately 1 trillion, aligning with Mr. President’s vision,”
“The impetus behind this initiative is our strategy to stimulate industrial growth, with a particular focus on catalysing the growth of small and medium-sized enterprises (SMEs) within the broader industrial landscape.”
Sub-committees
She enumerated the subcommittees to comprise the Subcommittee on Consumer Credit, Commodity Exchange, Heavy Industries and Steel Development, Trade Facilitation and Ease of Doing Business.
Additional subcommittees include those dedicated to Licensing and Certification of Artisans, Trade Facilitation and Realization, Mining and Solid Minerals, Oil and Gas, and Creative Industries.
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Uzoka-Anite also noted that the subcommittees related to defence, industries, and pharmaceuticals were not pursued further.
Review of free trade zone set-up
Moreover, the minister disclosed that the council approved the formation of a committee tasked with reviewing the Free Trade Zone setup.
This committee’s mission is to “scrutinize the setup, incentives, laws, and reforms of the Free Trade Zones and Special Economic Zones, subsequently proposing reforms designed to stimulate and catalyze the economic advantages of these zones.” She said.