National Assembly
Bill Title
Sponsor
Hon. Gwani Gideon Lucas
Committee Assigned To
Bill Description
Long Title
A Bill for an Act to provide for the rapid build-up of the industrial capacity in Nigeria and to promote competitiveness of Nigeria’s manufactured goods and for related matters.
Objectives of the Bill
This Bill seeks to establish a legal and institutional framework for the implementation of the Industrial Revolution Plan and the National Enterprise Development Plan and the National Enterprise Development Programme of the Federal Government to provide for their implementation, continuity and sustainability. It seeks to ensure ownership of the processes, plans, activities of the Industrial Plan and the Programme by the relevant Ministries, Departments and the Agencies of Government for the overall realization and delivery of the Industrial Plan and the Programmes.
The Act involves participation by states of the Federation in the industrial Plan and the Programme and has taken cognizance of the concurrent nature of the responsibility for industrialization between the Federal and State Governments under the 1999 Constitution (as altered). The Act also offers assistance to States of the Federation to encourage them to adopt similar legislation in carrying out the industrial Plan and the Programmes in States of the Federation.
The Industrial Plan will be implemented in industry groups where Nigeria possesses clear and comparative advantages to commence the process of rapid industrialization. The Industry groups referred to are: Agribusiness and Agro-allied; Solid minerals and metals; oil and gas-related industry and; Construction, light manufacturing services
Relevance
Implementation will lead to a revamping of industries in Nigeria in the area of; agriculture and Agro-allied industries, solid minerals and metals, oil and gas-related industry and construction and light manufacturing services. This will accelerate the build-up of Industrial capacity within Nigeria as well as Increase the contribution of the manufacturing sector to Nigeria’s Gross Domestic Product.
It will also facilitate Job and Wealth creation, and provide for economic and Revenue Diversification that will be derived from import substitution and Export Diversification to broaden the Government’s tax base.
