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FG pursuing local manufacturing, production of goods –Osinbajo …Seeks private sector partnership to diversify economy


Vice President, Yemi Osinbajo, said Monday that the present administration would continue to actively pursue a plan for the massive manufacturing and production of goods in the country.

He gave the assurance while receiving a delegation of Chinese investors partnering with Innoson group to invest $1bn in the country at the Presidential Villa.

Osinbajo said the Federal Government would collaborate with business interests who could facilitate the plan.
“Manufacturing in Nigeria is a primary objective of this government; it is a work we intend to do in the next few years to manufacture and produce in Nigeria as much as we can,” he said.


He explained it was because of the administration’s commitment to spur manufacturing and local production in the country that the initiative of Innoson Group to work with Chinese partners was being addressed as a “strategic collaboration.”

Osinbajo hailed the partnership between Innoson and the three Chinese companies: Shangdong Broadcasting Group; Shangdong Cable Interactive Services and Inspur Group.

The initiative, Osinbajo said, “is bound to yield very good fruits and do very well,” adding that the timing was right “as we are at a point that we must engage technological solutions in our development plans”.

Prof. Osinbajo explained the importance of competition and competitive pricing in such an effort.

“In all we try to do, we believe there must be competition, competitive prices and plans,” the Vice President noted, adding the Chinese firms must have taken that into consideration as well.

“We are looking forward to working with you in the next few months to realise the plans that you have laid out,” Osinbajo added.

Meanwhile, the Federal Government Monday reiterated its commitment to diversifying Nigeria’s economy through partnership with the organised private sector.

The Vice President, Prof. Yemi Osinbajo, stated this at the opening ceremony of the 8th regular meeting of the National Council on Industry, Trade and Investment in Abeokuta, Ogun State.

The theme of the four-day meeting is “Diversification of the Nigerian Economy from Over Dependence on Oil Exports.”

Osinbajo said the Federal Government would strengthen collaboration with the private sector to provide infrastructure and the necessary enabling environment that would facilitate business growth and expansion in Nigeria.

He stated that President Muhammadu Buhari had set up a Presidential Council on Ease-of Doing Business, PEBES, as part of efforts to attract foreign investment into the country.

He added that the council which he (Osinbajo) heads would ensure that Nigeria becomes a destination for foreign investors.

Minister of Industry, Trade and Investment, Dr Okechukwu Enalama, noted that the private sector was crucial to the economic growth of any country.

He said Nigeria, like many other countries, was facing the challenge of an infinite demand with finite resources.

The minister explained that the policy framework developed by his ministry includes the creation of a business-friendly environment, harmonisation of monetary, fiscal and structural reform policies and provision of hard and soft infrastructure for growth. He said that the policy framework would be implemented with the Nigerian Industrial Revolution Plan, NIRP.

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