Nigeria is pursuing an industrial revolution by focusing on mining and automotive sectors. A meeting between Joseph Tegbe and Minister John Owan Enoh emphasised strategies to transition to a production-led economy. Central to this effort is the Nigeria First Policy, aimed at boosting local procurement.
Nigeria is stepping up efforts for an ambitious industrial revolution, particularly focusing on the mining and automotive industries. At a recent meeting in Abuja, Joseph Tegbe, the Director-General of the Nigeria-China Strategic Partnership, and John Owan Enoh, the Minister of State for Industry, Trade and Investment, discussed key strategies to revamp the economy. This move ties into President Bola Ahmed Tinubu’s Renewed Hope Agenda, aiming to shift Nigeria away from being import-dependent to fostering a production and export-led economy.
Enoh highlighted the government’s commitment to three priority sectors: sugar, cotton-textile-garment, and automobiles. These sectors have dedicated industry councils aimed at boosting local production, enhancing domestic demand, and increasing Nigeria’s competitiveness on the global stage. Central to these efforts is the Nigeria First Policy, which prioritises Nigerian-made goods for public procurement, which should help reduce import dependency and create jobs across various sectors.
Tegbe made it clear that the Nigeria-China Strategic Partnership is eager to back this industrial transformation. He mentioned that the shift from a consumption-driven economy to a development partner is crucial, especially in light of Brazil’s impressive $94.41 billion exports to China this year. He believes Nigeria can replicate such success by focusing on impactful sectors like agriculture and industrial manufacturing.
The mining sector, Tegbe pointed out, is ripe with opportunities, holding over 40 commercially viable minerals that can fuel industrial growth. However, he stressed the importance of moving away from simply exporting raw materials, advocating for local beneficiation and refining capacities supported by regulatory reforms and investment incentives.
Moreover, the Industrial Revolution Working Groups (IRWG), part of the Presidential Council on Industrial Revitalization, are already at work, tackling regulatory hurdles and improving access to essential infrastructure and financing to encourage sustainable growth in mining.
With respect to the automotive sector, the government is clearly focused on establishing Nigeria as a regional hub for vehicle assembly and manufacturing. The Nigeria First Policy is apparently beginning to create a buzz for locally assembled vehicles, boosting both demand and investor confidence, according to government statements.
During the meeting, Tegbe provided insights into Nigeria’s evolving strategic partnership with China,highlighting significant agreements made with major firms like Huawei and China Communications Construction Company. These partnerships are set to bring advanced technology and funding into Nigeria’s automotive, mining, manufacturing, and sustainable energy sectors, which is expected to generate jobs and stimulate innovation in local industries.
Overall, Nigeria’s efforts towards an industrial revolution are multi-faceted, focusing on mining and automotive transformations to reduce its dependence on imports. By fostering local production under the Nigeria First Policy and building significant partnerships, particularly with China, the country aims to enhance its position in the global market. The next steps will be crucial in terms of regulatory reform and investment incentives to bring these ambitious plans to fruition.
Original Source: guardian.ng