Nigeria’s manufacturing sector contributes 4% to GDP

Nigeria’s manufacturing sector currently contributes four percent to the country’s Gross Domestic Product (GDP), Olusegun Aganga, Minister of Industry, Trade and Investment, has said.

The minister said this in Lagos, at a one-day stakeholders’ forum organized by the Federal Ministry of Industry, Trade and Investment and the Ministry of Mines and Steel Development.

“My aim is to increase it to not less than 10 percent,” he said, adding that the forum was held to fashion out a framework that would make the nation’s steel sector competitive.

“We must have a framework that will be like a guide for successive government.

“With this, we can build strong institutions that would move the county forward,” he said.

Aganga said that the government believed in giving incentives rather than granting waivers to investors.

“We have to look at incentives; it is not all about waivers.

“With this government, there are no waivers given to individuals, it has to be sectorial, he said.

In his address, the Minister of Mines and Steel Development, Musa Sada, said the sector could only thrive if there was a holistic reform in the value chain.

He urged operators in the sector to move from scrap materials to Ore, in the production of iron rods.

“We have over two billion of Ore resources available in the country.

“The Federal Government is ready to collaborate with private investors to harness these resources,” he added.

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