The Federal Executive Council (FEC) has granted approval for the establishment of the Presidential Council on the Industrial Revitalization Roadmap.
Doris Uzoka-Anite, minister of industry, trade and investment, told State House correspondents on Monday.
She said the committee will be chaired by President Bola Tinubu and will consist of 10 subcommittees.
They would evaluate policies across various ministries, including the Ministry of Industry, Trade, and Investment.
She said:
“We have a lot of policies, frameworks and guidelines that should help to revitalise the industries within these different ministries and agencies”.
“And we’re supposed to collaborate and come up with single roadmap for each of these subcommittees or each of these roadmaps.
“And that is actually geared towards developing the full industrial revival of the economy in line with the eight-point agenda of Mr. President.”
She added that the federal government expects a boost in investment in several industrial sectors.
“We expect to see a boost in job creation and employment and a general increase in our indices. Especially our GDP growth rates, which were said to be growing from 3.5% hopefully to 7%,” the minister said.
The decision to establish the Presidential Council on the Industrial Revitalization Roadmap, chaired by President Tinubu, was motivated by the aim of achieving a N1 trillion Gross Domestic Product (GDP) target.
Also, to stimulate industrial growth, particularly in the small and medium-sized enterprise (SME) sector.
The council will have 10 subcommittees focusing on various aspects of industrial development.
This includes consumer credit, commodity exchange, heavy industries, steel development, trade facilitation, ease of doing business. Others are licensing and certification of artisans, mining, solid minerals, oil and gas, and creative industries.
Furthermore, a committee will be formed to review the setup of free trade zones. It will also work on reforms to enhance the economic benefits of these zones.