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FG targets $20b revenue increase in manufacturing sector

Nigeria's Minister of Trade Olusegun Aganga

By Eric Ojo
Nigeria's Minister of Trade Olusegun Aganga

Nigeria’s Minister of Trade Olusegun Aganga

The Federal Government has said that the current revenue generated from the country’s manufacturing sector will be increased by $20 billion (about N3 trillion) over the next five years, through the instrumentality of the Nigeria Industrial Revolution Plan (NIRP) programme.

The Federal Government assured Nigerians that it would provide the requisite infrastructure to support the growth and development of the leather clusters across the country, as part of the NIRP programme geared towards the realisation of the target.
Nigeria is one of the largest exporters of finished leather products to West Africa. However, this is mostly through informal channels where a huge chunk of funds are not properly captured.
The Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, who disclosed this while addressing stakeholders in the leather sub-sector in Abuja, assured that the transactions in the leader industry will be formalised in order to allow the government better channel its incentives towards boosting business and revenue generation in that regard.
He further stated that the government was working with a number of Micro, Small and Medium Enterprises to formalise their operations in the sector, adding that government was committed to providing an enabling business environment by reducing the cost of doing business in order to grow the sector and make it globally competitive.
He noted that under the NIRP, leather and its products fit within the strategic sector under the Agro allied and Agro processing group, adding that the target is double revenue from Tanneries and Leather-related manufacturing within the next 3 years.

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