Lagos State Government has called for increased attention for Nigeria’s manufacturing sector, in view of its potentials to contribute 50 per cent of the country’s Gross Domestic Product, GDP.
Commissioner for Commerce, Industry and Cooperatives, Prince Rotimi Ogunleye made the call at the celebration of the Year 2016 Africa Industrialization Day held at Alausa, Ikeja.
“As we commemorate the Year 2016 Africa Industrialisation Day, each State of the Federation has to look inward and initiate policies and programmes that would engender the development of the non-oil sectors as a panacea to the present economic recession”, he stated.
Speaking on the theme for the 2016 Industrialization Day: “Financing Industrialisation in Africa: Challenges and Strategies”, Ogunleye maintained that there is an urgent need to begin to diversify the economy particularly with the dwindling revenue from oil occasioned by the fall in crude oil prices in the international market.
The Commissioner challenged each State of the Federation to look inwards and initiate policies and programmes that would engender the development of the non-oil sectors as a panacea to the present economic recession.
According to him, the drive to continue to promote and encourage the growth of the manufacturing sector informed the recent move by the State Government to approve the commencement of the Harmonised Inspection of Factories in the State in addition to its already existing 24/7 economy among other business-friendly incentives being offered to potential investors.
“We have predicated our development plans on four parameters comprising economic development, infrastructure development, development and security and sustainable environment,’’ he added.
He promised that the State Government will continue to address the issue of improved business environment through provision and application of factors that are within its mandate, stressing that ‘we must start developing strategies that will reposition the sector to produce goods that will be competitive in the global market’.