19 Oct FG Sets Up Nine Subcommittees On Industrialisation, Review Free Trade Zones and Special Economic Zone
The Federal Government at its last Federal Executive Council (FEC) set up nine subcommittees that will drive its industralisation agenda. The issue it was learned formed the major focus of the meeting.
The government is poised to achieve full industrialisation of the economy in line with the eight-point agenda of President Tinubu according to a press statement from one of his aides.
According to a statement on his X (Twitter) handle, Temitope Ajayi, Senior Special Assistant to the President on Media and Publicity, it stated that with this new commitment to the real sector, the economy is expected to see a boost in job creation and a general increase in economic indices, especially GDP growth rates, which is projected to move from above 3.5% from 2024 to 7%.
“The ambition of President Tinubu is to grow our economy from the current $ 450 billion GDP to $ 1 trillion in the next 8 years. To actualize this, the government came up with a roadmap to stimulate industrial growth, especially catalyzing SMEs growth and revving up the entire industrial sector. “
To ensure all red tape and administrative bottlenecks are eliminated, the Federal Executive Council set up the following Sub-committees:
- Sub-committee on consumer credit.
- Sub-committee on commodity exchange.
- Sub-committee on heavy industries and steel development.
- Sub-committee on trade facilitation and ease of doing business.
- Sub-committee on licensing and certification of artisans.
- Sub-committee on trade facilitation and realization.
- Sub-committee on mining and solid minerals.
- Sub-committee on oil and gas.
9 Sub-committee on Creative Industries.
The council also approved the setup of the committee to review the Free Trade Zones and Special Economic Zone approved the setup of the committee to review the Free Trade Zones and Special Economic Zone
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