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Nigeria's Government to Revitalize Building and Manufacturing Sectors

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Nasiru Eneji Abdulrasheed
New Update
Nigeria's Government to Revitalize Building and Manufacturing Sectors

In a recent event, Nigeria's Vice President, Professor Yemi Osinbajo, represented by Vice President-elect Senator Kashim Shettima, signaled the Federal Government's (FG) robust intention to inject vitality into the nation's building and manufacturing sectors. The move comes as a strategic response to the pressing challenges such as the steep cost of building materials and the clarion call for industrialization.

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The Vice President reaffirmed the government's commitment to reviving economic activities in the manufacturing and engineering sectors. The conference, centered on the theme 'Re-engineering the Manufacturing Sector for Competitiveness and Enhanced Economic Growth', served as a platform for the Vice President to address the various hurdles manufacturers face. It also highlighted the government's proactive stance in initiating bold reforms.

Improving Nigeria's GDP

Despite the National Bureau of Statistics reporting a significant reduction in the manufacturing sector's contribution to Nigeria's Gross Domestic Product (GDP), the Vice President pledged to implement policies aimed at revitalizing this crucial sector. As he emphasized the importance of the construction industry to the nation's GDP, it became clear that the government is keen on stimulating growth in this area.

The government's intervention anticipates an array of strategies designed to bolster local manufacturers and encourage the use of locally-made materials. This approach aligns with the broader vision of improving the competitiveness of Nigerian products in the global market. Furthermore, the intervention is expected to trigger a reduction in construction costs, invigorate job creation, and catalyze economic development.

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