The Federal Government has unveiled plans to raise manufacturing sector’s contribution to the nation’s Gross Domestic Product (GDP) to 20 percent within the next six years.
Currently, the real sector’s contributions to the nation’s GDP is less than 10 percent, thereby necessitating huge importation of manufactured goods with the attendant negative implications for Nigeria’s foreign reserves accretion.
Under the plan tagged Made in Nigeria for Export (‘Project MINE’) government expects to generate over $30 billion annually by 2025, and also planning to set up production hubs across the country in partnership with regional development finance banks.
Giving these hints in a statement, the Ministry of Industry, Trade and Investment hinted that government had set up Nigeria SEZ Investment Company, which will finance industrial parks in special economic zones in the commercial capital of Lagos, Abia State and Katsina State.
According to the ministry, government is currently raising capital of $250 million for Nigeria SEZ Investment Company, with plans to double its equity to $500 million over four years.
The ministry disclosed that the African Development Bank (AfDB), Africa Export-Import Bank (Afreximbank), African Finance Corporation (AFC) and Nigerian Sovereign Investment Authority (NSIA) and two Chinese groups had expressed interest in co-investing with the Federal Government, which would own a 25 percent of the equity.
It stated further that the new investment company would facilitate investment into the special economic zones.