Goddy Egene
The Minister of Industry, Trade and Investment, Otunba Niyi Adebayo has restated government’s commitment to collaborate with the private sector in key business areas, and proffer viable solutions to challenges bedeviling the nation’s economy.
Adebayo stated this while speaking at the Nigerian Stock Exchange (NSE) Chief Executive Officer Interactive session for the consumer goods sector in Lagos. The minister, who was represented by the Ministry’s Permanent Secretary, Mr. Edet Akpan, said the private sector should continue to provide candid feedback on the impact of government’s economic reforms, saying there is opportunity for growth in the consumer goods sector.
“Nigeria with a population estimated at 200 million people with 72 per cent under the age of 30 indicates huge potential for future investment and consumption activities. It is projected by the United Nations (UN) that most global population, between 2017 and 2030, will be absorbed by cities, and that new residents in urban areas will count for about 1.1 billion over the next 13 years.
Similarly, the UN Department of Economic and Social Affairs forecasts that 66 per cent of the world population (2.5 billion people) will reside in urban areas by 2050. This anticipated push towards urban centers will undoubtedly provide a unique opportunity for the growth of the consumer sector,” he said.
Adebayo said nations must be proactive and focused to deliver the right policies and programs using critical institutions, both public and private, to boost output by providing the right environment and financing for businesses to thrive.
“This, to my mind, is where the capital market should take the lead as a financial intermediator. The federal government remains committed to improving the business environment towards Industrialization and Economic prosperity.The restriction of the availability of foreign exchange to the importation of 44 items in 2019 which could be competitively produced within the economy and the recent border closure hinges on government’s policy of enhancing demand for locally
manufactured goods and enabling favourable competition amongst manufacturers,” he said.
