President Bola Tinubu presided over the Federal Executive Council meeting on Monday, focusing on his administration’s industrialisation agenda.
At the meeting, officials said the federal government is poised to achieve full industrialisation of the economy in line with the eight-point agenda of President Tinubu.
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 are projected to move from above 3.5% in 2024 to 7%.
Here are the key highlights from the meeting:
- Industrialization Focus: The federal government is determined to achieve full industrialisation of the economy in alignment with President Tinubu’s eight-point agenda. This signals a strong commitment to revitalise the real sector of the economy.
- Economic Impact: The emphasis on industrialisation is expected to lead to a considerable increase in job opportunities and drive positive economic indicators. GDP growth rates are projected to rise from above 3.5% in 2024 to an impressive 7%.
- Ambitious Economic Growth Target: President Tinubu’s ambition is to elevate the current $450 billion GDP to $1 trillion over the next eight years, outlining a bold vision for economic expansion.
- Government Roadmap: To achieve these ambitious goals, the government has devised a comprehensive roadmap designed to stimulate industrial growth, particularly by fostering the development of small and medium-sized enterprises (SMEs) and revitalising the industrial sector.
- Eliminating Administrative Bottlenecks: To ensure a smooth transition into this industrialisation phase, the Federal Executive Council has established several sub-committees. These committees will work on reducing red tape and administrative obstacles, streamlining various aspects of the economy, and improving the ease of doing business. The specific sub-committees include those dedicated to consumer credit, commodity exchange, heavy industries and steel development, trade facilitation, licensing and certification of artisans, trade facilitation and realisation, mining and solid minerals, oil and gas, and the creative industries.
Review of Free Trade Zones and Special Economic Zones: The council has also approved the formation of a committee tasked with reviewing Free Trade Zones and Special Economic Zones, indicating a comprehensive evaluation of these zones’ effectiveness in promoting industrial growth.
