Nigeria to review national industrial policies

Nigeria to review national industrial policies
Lawan Hamidu-Abuja.

The Nigerian government says its national industrial policies is being reviewed to persuade foreign companies that export a lot of finished products to Nigeria to start manufacturing in the country as part of ongoing efforts to create more jobs.

President Goodluck Jonathan stated this while receiving the new Japanese Ambassador to Nigeria, Mr Ryuichi Shoji.

Boosting local production

President Jonathan emphasized the Nigerian government’s determination to take all necessary action to create new employment opportunities for Nigerian youth.

“We want to boost local production so that we can create jobs, create wealth and boost our peoples’ purchasing power,” President Jonathan told the Ambassador.

The President told Mr Shoji that he expected foreign companies from Japan and other nations who have a long history of very profitable economic relations with Nigeria to support his Administration’s efforts in this regard by moving from the exportation of finished products to local manufacturing and assembling.

He said that his administration was working very hard to provide vital infrastructure, fiscal and monetary policies as well as a regulatory regime that would make it feasible for more foreign companies to begin manufacturing and assembling their products in Nigeria.

“Japan has been very supportive over the years, but we want you to do more.
We consume a lot of Japanese products.  We currently import more Japanese products than all other African countries. Japanese companies that export so much of their products to Nigeria have manufacturing and assembly plants in other countries. We want them to start manufacturing and assembling some of their products here too.” President Jonathan said.

Creating additional incentives

The President said that additional incentives were also being introduced by his Administration to encourage more foreign companies to begin manufacturing in Nigeria.

Mr Shoji who had earlier presented his letters of credence to President Jonathan, told him that the Japanese government was following the implementation of his Administration’s Agenda for National Transformation with keen interest.

He assured President Jonathan that Japanese companies would welcome an opportunity to contribute more to his government’s efforts to boost the productivity of the Nigerian economy.

President Jonathan also received the letters of credence of the new Ambassador of Cuba, Mr Hugo Ramos Milanes and the new Portuguese Ambassador, Mr Simeao Pinto de Mesquita.

Noting that Nigeria already enjoys excellent political relations with both Cuba and Portugal, the President urged the new ambassadors to work hard to boost trade and economic relations between their countries and Nigeria and wished them very successful tenures in Nigeria.

Williams