Business
Fostering a Strategic Collaboration Between FMITI and BPE to Drive Nigeria’s Industrial Growth
The Honourable Minister of State for Industry, Federal Ministry of Industry, Trade, and Investment (FMITI), has reaffirmed the government’s commitment to sustainable industrial growth following a high-level briefing by the Bureau of Public Enterprises (BPE) on the 26th of Nov. The meeting underscored the crucial role of privatization and reform in revitalizing Nigeria’s industrial and manufacturing sectors.
The Minister emphasized the importance of aligning BPE’s privatization objectives with FMITI’s vision of boosting industrial productivity and economic diversification. With a focus on promoting efficiency in previously privatized entities, the Ministry aims to ensure these assets contribute meaningfully to job creation, value addition, and economic growth.
Discussions highlighted the need to optimize operations in sectors such as sugar and automotive manufacturing, which currently operate below capacity. Collaborative efforts between FMITI and BPE will target barriers to growth while fostering backward integration and encouraging local production.
Acknowledging BPE’s role in facilitating reforms, the Minister reiterated the critical need for workforce training and skill development. Through strategic partnerships with stakeholders, including the Industrial Training Fund (ITF), FMITI will drive human capital development to meet the demands of modern industries.
The briefing also emphasized the necessity of robust oversight mechanisms to monitor and evaluate the performance of privatized entities. This approach ensures accountability and drives the achievement of Nigeria’s industrialization goals.
The Honourable Minister expressed optimism about the synergies between FMITI and BPE, emphasizing that a shared vision and coordinated efforts will position Nigeria as a global industrial powerhouse. These collaborative initiatives align with the President’s vision of a creative and self-reliant economy.
This renewed partnership marks a significant step toward transforming Nigeria’s industrial landscape and ensuring sustainable development for all citizens.
Business
Minister of State For Industry Charges NEPZA on Impactful Performance
Throws Support Behind Current Management
Honourable Minister of State For Industry, Senator John Owan Enoh today Thursday the 19th of December, identified the importance of enhanced performance with direct impact on the lives of the Nigerian people as critical to the implementation of the core mandate of agencies within the Industrial sector of the Federal Ministry of Industry, Trade and Investment.
Speaking when the top management of NEPZA led by the Managing Director/CEO, Dr. Olufemi Ogunyemi paid him a visit in his office to deliver a progress report on the activities of the authority, the Minister of State for Industry, charged the management of NEPZA to pay greater attention on delivering enhanced performance with focus on industrial matters that will impact the Nigerian people in line with the Renewed Hope Agenda of the present administration. While expressing his readiness to work closely with the leadership of the authority to achieve this objective, he called for continued engagement with the management of NEPZA to achieve this shared objective.
Presenting his progress report to the Honourable Minister of State, Dr. Ogunyemi stated that NEPZA is committed to repositioning itself through various initiatives to ensure continued growth and excellence. He stated that in line with the Renewed Hope Agenda of the present administration, the agency has expanded the Free Trade Zones and clusters to 55 across the nation and generated 13,720 jobs in the process
Within the year under review, the authority also registered 39 new enterprises, registered three new trade zones, facilitated the establishment of the Lekki Deep Sea Port development within the Lagos Free Trade Zone in record time and brought in significant Foreign Direct Investment (FDI) inflow into the country’s economy. Within the period under review, the Managing Director informed the Minister that the work of the authority has led to the inflow of $1 billion worth of investment into the country from the trade zones this year alone. This, in addition to the sum of N425 billion, the trade zones paid as customs duty to the Nigeria Customs.
NEPZA, he said, is engaging with the Securities and Exchange Commission (SEC), the Nigeria Stock Exchange (NGX), and other stakeholders to draft regulations for listing Free Zone Enterprises on the Nigerian Stock Exchange.
The listing he said will enable free zone entities, to access additional finance through the Nigerian capital market, create a framework for Free Zone Entities to contribute to the growth of the capital market and enhance NEPZA’s regulatory oversight of listed Free Zone Entities.
He appealed for the support of the Honourable Minister to enable the authority to overcome current challenges. These include outdated legal and regulatory frameworks, limited understanding of the Free Trade Zone concept, multiple taxation by revenue agencies, limited access to foreign exchange, and inadequate infrastructure, among others.
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