The Federal Government says it will focus on the implementation of the National Industrial Revolution Plan (NIRP) aimed at creating 1.5 million jobs by 2020 through Special Economic Zones (SEZs) as a part of its economic recovery plan.
The economic recovery plan document seen indicated that strengthening of small-scale businesses and the
promotion of industrialization are priorities for economic recovery.
“Nigeria’s manufacturing sector has been particularly vulnerable to the stagnant economic conditions,” the document stated.
The
document highlighted the difficulty of accessing foreign exchange to
import intermediate goods and raw materials, and falling consumer demand
as the major problems .“A revitalized manufacturing sector will create
jobs, stimulate foreign exchange earnings and grow micro, small and
medium enterprises (MSMEs). The involvement of small businesses in the
service sector is a major lever for economic recovery,” the report said.
The
service industry accounts for 53 per cent of GDP and contains key
sectors that can contribute to short-term economic growth and
longer-term structural change.
The
creative industries, especially music and film, also have great growth
potential, as do both financial services and tourism.
The
economic recovery plan lays out a total of 60 strategies that will
collectively bring about the overall objective of inclusive growth
through structural economic transformation.
Each
strategy has a clear set of activities associated with it and a budget
allocation for which the responsibility lies with a ministry, department
or agency of the Federal Government.
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