Minister of Trade and Investment Mr. Olusegun Aganga yesterday said industrial zones would soon enjoy better electricity supply. He spoke at an event marking the African Industrialisation Day, with the theme, ‘Tackling Energy Poverty in Africa to increase productivity and economic development’ in Abuja.
Aganga said the key element in industrial development is sustainable energy, which is a prerequisite for growing industrial enterprise and building capacity in trade and other related sectors.
He said: “The African Industrialisation Day is a special day set aside by the Conference of African Ministers of Industry, under the aegis of the African Union Commission, to focus on country specific strategies to stimulate Industrial development and draw attention to challenges in the Industrial sector.
“The need to fast-track provision of electricity to industrial zones had become necessary, given the strategic role the manufacturing sector would play in the economic transformation of Nigeria. The provision of adequate power supply to industrial zones was aimed at increasing the capacity utilization of local industries, employment creation and wealth generation in line with President Goodluck Jonathan’s Transformation Agenda.”
He added: “Discussions in the world today are centred on green energy, green economy and access to sustainable energy. Despite the fact that manufacturing accounts for only about 4.2 per cent of Nigeria’s GDP, it contributes about 14 per cent of our non-oil (taxes) revenue. This shows how important manufacturing is to the economic transformation of our country.
“Our economy will grow faster, and our hard working businesses will thrive when we finally solve the problems of the power sector. We are, therefore, currently fast-tracking power sector reforms to improve the generation, transmission and distribution of electricity in the country.
“The Ministry of Trade and Investment is already working in collaboration with the Ministry of Power to provide adequate electricity to industrial zones in order to reduce their cost of production, increase their capacity utilization, create jobs and generate wealth in line with President Goodluck Jonathan’s Transformation Agenda.
“The ministry had developed an industrial revolution strategy based on the areas where Nigeria had comparative and competitive advantage as part of efforts to develop the nation’s industrial sector.
“My ministry has developed an Industrial revolution strategy as encapsulated in our economic transformation agenda. We have identified four key sectors in which we have comparative and competitive advantage as a nation and which have great potential to attract investors.
Aganga pointed that the Industrial Development Centres have been reactivated and modernized in strategic areas of the country for potential investors to drive SME programmes. In recognition of the vital role which research, technology and innovation play as major drivers of productivity, we have developed sector specific programmes that will link our research centres with our universities as part of our renewed efforts to increase productivity and boost the capacity utilization of our local industries.
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‘Industrial zones to enjoy better electricity’