The Minister of Industry, Trade and Investment, Okechukwu Enelamah has disclosed that the Federal government is receiving gains from the just-concluded meeting on the Forum for African Cooperation, FOCAC in China with $2bn investment commitments coming into Nigeria’s textile sector by Rui Group.
Enelamah who made the disclosure while briefing newsmen in Abuja on Tuesday, said the federal government is targeting 18 months to ensure a definite final agreement as a way to reached extensive due diligence performed by all stakeholders since the federal government has been signed by the President with the concerned firm.
He explained that the investment would go way along the value chain from growing cotton, textiles and the garments that we wear, noting that the investors also extended their investment commitments into Nigeria’s special economic zones.
According to the Minister “For a country of 200 million, we need more industrial parks to aid more trade facilitation, to integrate economies, and inter-link various market chains and values.”
“Our goal is to ensure that within one year, we would have succeeded with the first phase of the investments in this area in feasibility planning, with other financial commitment following accordingly”
He also stated that the government has shown more commitments to these special economic zones, that is why there are commitments from the Afrexim Bank, and other Development financiers to create a trade facilitation ground that would stimulate the growth of the economy.
The beneficiary economic zones include Enyimba City in Aba, Lekki Model Industrial Park in the Lekki Free Trade Zone and the Kano Free Trade Zone.
Enelemah also noted that the federal government is working closely with the Afrexim Bank with on the Special Economic Zones and the Industrial Parks, which he revealed one is to be sited in Nnewi and others in Kano state and in Lagos.
“The Nnewi automotive Industrial parts, the master plan has been designed, and we are looking forward towards engaging investors for the commitments” Enelemah noted.
Further on the benefits of the industrial park,the Minister pointed out that the focus of the National Industrial Park is to have an industrial park that would be a converging point for both foreign and local investors, having a meeting point to transact businesses.
Speaking further on the automotive policy, Enelemah noted that although there has been slow pace trajectory on the policy, there is a need for the policy to deliver holistically what the intentions are.
”You need local manufacturers, you need financing, you need to ensure that people are not dumping the old cars here with second-hand value at the expense of the locally produced ones, and new ones,” he said.
We are making the necessary push for the National Automotive Industrial Development Plan, NAIDP to be signed to grow investors confidence into the sector.”The Minister stated.