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Ministry calls for proper funding of NIRP

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Ministry calls for proper funding of NIRP

 

By Franca Ofili

The Ministry of Trade and Investment has called for proper funding of the Nigeria Industrial Revolution plan (NIRP) to help drive economic development in the country.

In a communiqué issued on Friday in Abuja after its retreat, it said that funding of the plan would enhance growth and development of the core sectors of the economy.

“There is need for proper funding of infrastructural facilities that support the NIRP initiatives;

“ Need for direct intervention between the Federal and State Governments,’’ it said

The communiqué noted that the need for direct intervention between the Federal and State Governments for access to land in the implementation of NIRP was imperative.

According to the communiqué, Implementation of incentives and concessions in respect of identified sectors under the NIRP and recognition of large industrial zones such as sugar production, auto components clusters as Economic Zones is very necessary.

It noted that members in the retreat agreed that the Industrial Council would serve as the apex body of the NIRP implementation adding that the council was expected to address critical issues concerning the NIRP implementation;

They further agreed that the Nigeria-Export-Import Bank (NEXIM BANK) needed to be Strengthened through recapitalization of its capital base in order to meet the growing demand by Stakeholders

The communiqué noted that members also agreed that appropriate guidelines for allocation of concessionary interest rate and Forex in favour of productive activities was also necessary and should be handled well.

It noted that Championing the Cause of Nigeria’s MSMEs was imperative for the economic growth and development.

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