The Minister of Trade and Investment, Dr Olusegun Aganga, on Monday said the Federal Government was set? to revolutionise the nation’s industrial sector.
Speaking at a quarterly business luncheon held in Lagos for business leaders, Aganga said the meeting was aimed at addressing the challenges militating against industrial growth in the country.
He said: “The good news is that the Federal Government has taken a giant stride in addressing the known bottlenecks in our macro-economic and business environment.
“We are vigorously implementing the components of investment climate reform programme which we have commenced with the support of the World Bank Group and the Department for International Development.
“I have seen that the success stories of advanced economies began from sound industrial process helped by growth-oriented financial and telecommunication services, among others, as well as sound macro-economic policies,” he said.
The minister cited South Korea as an example of a country that has no crude oil or gas resources, but, today ranked as one of the largest conglomerates of petrochemical industries in the world.
He said: “It is in contrast to Nigeria’s position as the largest producer of crude oil globally, with 37 billion barrels of proven reserves of up to 160 trillion cubic metres which still remain untapped.
“It has not been able to exploit successfully this unique opportunity of abundant oil and gas resources, among others.
“The question we should ask is how did South Korea perform what seems like industrial magic?
“The answer is simple. The country nurtured certain new industries, supported by government incentives, until they grew strong enough to withstand international competition,” he said.
Aganga said that the government aimed to deliberate on the right synergy for enhanced productivity, sustained economic growth and monitor the progress made quarterly.
He also said that the meeting would come up with solutions to removing the bottleneck created in doing business in the country.
Chief Kola Jamodu, President, Manufacturers Association of Nigeria (MAN), urged the government to fast-track the reform in the power sector to boost industrial development.
He said that government should tackle the issue of multiple taxation, adding that that had led to high cost of doing business in Nigeria.
Jamodu bemoaned the high cost of haulage of goods and services, saying it was cheaper to transport goods to Europe than within the country.
The theme of the forum is: “ Industrial Revolution: The Role of Business Leaders as Game Changers'' and was attended by major stakeholders in the business and the financial sector.
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