The Federal Executive Council (FEC) has approved the formation of two committees on industrial revitalisation roadmap and review of free trade zones in the country, with the aim of improving the nation’s economy.
The minister of industry, trade, and investment, Doris Uzoka-Anite, disclosed this at the end of the second FEC meeting on Monday in Abuja.
She explained that these committees, chaired by President Bola Tinubu, would have various sub-committees tasked with harmonising the activities of the ministry with those of other relevant ministries and agencies.
Mrs Uzoka-Anite further clarified that these sub-committees would develop a roadmap for the full revival of the economy, aligning with Mr Tinubu’s eight-point agenda.
The sub-committees will encompass various aspects, including consumer credit, commodity exchange, heavy industries, steel development, and the licensing and certification of artisans.
Other sub-committees will focus on trade facilitation and liberalisation, mining and solid minerals, oil and gas, as well as the creative industry.
‘’The committee will harmonise activities of the ministry with other ministries and agencies toward a roadmap for a full industrial revival of the economy in line with the 8-point agenda of the president.
‘’We expected a boost in investment in the industrial sector, job creation, GDP growth rate from 3.5 per cent to about 7 per cent, and a GDP base of about N1 trillion in line with Mr president’s mission,’’ Mrs Uzoka-Anite said.
She also mentioned that the committee responsible for the free trade zones would be tasked with charting a way forward for these zones, aiming to create opportunities for Nigerians to take advantage of.
“The Council also approved the setting up of a committee to review the free trade zone, to look at its incentive and the laws and reforms and come up with reform that will help to stimulate and catalyse the economic benefits of the free trade zones and the economic special zones for the benefit of Nigerians and other investors,” she said.