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FG Restates Commitment To Diversifying Nigeria’s Economy

The Federal Government has restated its commitment to the diversification of the Nigerian economy to enable the country reduce its over dependance on crude oil revenue.

The Permanent Secretary, Federal Ministry of Industry, Trade and Investment, Dr Evelyn Ngige said this during the opening session of the 14th meeting of the National Council on Industry, Trade and Investment held in Bauchi.

The event had as its theme; “Strengthening Industry, Trade and Investment Sector in Promoting Development in the Country.”

The meeting brought together stakeholders to discuss existing and emerging issues in the industry, trade, investment and other related sectors of the economy.

The Minister said as technical people, participants are expected to deploy their expertise, shared experiences and exchange ideas on how to support government’s efforts towards attaining the nation’s economic aspirations.

The National Council on Industry, Trade and Investment is the highest Policy Advisory Body in the sector, under the Chairmanship of the Minister of Industry, Trade and Investment.

The Permanent Secretary said the main purpose of the Council meeting is to brainstorm, strategize, deliberate and recommend policies and programmes aimed at addressing challenges facing the sector.

Ngige said the Council meeting could therefore not have been held at a better time than now when efforts are being made by the current administration of President Muhammadu Buhari to diversify the economy from its present overdependence on the oil and gas sector.

She said, “Today, major economies, particularly in the developed world are driven by the industry, trade and investment sectors. We must therefore redouble our efforts towards turning our industry, trade and investment sectors into the main engine of growth of the national economy for the common prosperity of all Nigerians.

“The first step towards this end is to recommit ourselves to delivering on all decisions and resolutions reached during this Council Meeting for the development of this all-important sector, which has the potential to deliver the greatest good to the national economy and all Nigerians.

“As of this morning, the Council Secretariat has received well over 70 Memoranda from various Ministries, Departments and Agencies for deliberations and consideration.

“I want to therefore urge us to thoroughly examine these Memoranda with a view to making appropriate recommendations that will further strengthen the sector to deliver economic growth and development through industrialization and increase investment in the local economy for employment generation and wealth creation.”

She stated that the decisions reached by the Council will be escalated for the consideration of the Federal Executive Council, after which the implementation of the decisions will be coordinated by the Federal Ministry of Industry, Trade and Investment.

ENDS

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