FG to establish new manufacturing hubs to boost economy

In an effort to boost the country’s manufacturing output to 20 percent of the Gross Domestic Product, GDP, the Federal Government said it would be setting up production hubs across the country in partnership with regional aid banks.

The Federal Ministry of Industry, Trade and Investment announced this on Wednesday in a statement, adding that the strategic objectives of the Made-in-Nigeria for Export project was to increase the manufacturing sector’s contribution to GDP to 20 per cent and generate over $30bn annually by 2025.

The ministry further said that the Federal Government has set up the Nigeria SEZ Investment Company, which would finance industrial parks in special economic zones in the commercial capital of Lagos, south-eastern state of Abia and northern state of Katsina.

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It further added that the government was currently raising capital of $250m for Nigeria SEZ Investment Company and plans to double its equity to $500m over the next four years.

“Lenders such as African Development Bank, Afreximbank, African Finance Corporation and Nigerian Sovereign Investment Authority have shown interest in co-investing with the Nigerian government, which will own a 25 per cent stake. Two Chinese groups have also shown interest.”

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