FG seals deal with agencies to drive industrial clusters, silent on funding
The Federal Government is working on reviving abandoned policy of Industrial Cluster Development (ICD) scheme with a new name called Made in Nigeria for Exports (MINE).
It would be recalled that former administration of Goodluck Jonathan had mapped out strategies for the effective funding and takeoff of the ICD before leaving office, but the current administration has revived the initiative with the inclusion of some federal agencies and international banking group.
Key mandate of the new agreement is to facilitate the development and growth of the clusters so as to not only generate employments but drive export earnings to the tune of $30bn yearly.
The new deal was signed at the Presidential Villa under the supervision of President Muhammadu Buhari by Prof. Benedict Oramah, President of the Africa Export and Import Bank (AFREXIM), Mr. Kayode Pitan, Managing Director of Bank of Industry (BoI), and Mr. Uche Orji, Managing Director of Nigerian Sovereign Investment Authority (NSIA).
In his terse remarks, President Buhari explained that MINE was conceived to position Nigeria as the manufacturing hub in Sub-Saharan Africa and a major exporter of made in Nigeria products to the West African sub-region, the entire Africa and the entire World. The pioneer project sites which are evenly distributed as Special Economic Zones (SEZ) include Enyimba Economic City in Abia State, Funtua Cotton Cluster in Katsina State and Lekki Model Industrial Park in Lagos State.
Business Hilights gathered that the Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah, will directly supervise the activities of the SEZ and the possibility of developing new zones in future.
