Nigeria’s Federal Government announces prioritization on power & infrastructure to boost manufacturing & trade.

January 15, 2022

Nigeria’s Federal Government announces prioritization on power & infrastructure to boost manufacturing & trade. It aims to improve Nigeria’s manufacturing capacity & make it one of the best marketplaces in Africa. Since Nigeria is 200 million of Africa’s 1.3 target market, the Federal Government believes it can achieve its goals.

Because there are issues with power supply, the Federal Government is building special economic zones and industrial parks. These parks would have all the power and infrastructure needed to power factories.

The Federal Government is financially helping industries set up their gas pipelines throughout Nigeria for easy access to gas and power the industries’ plants. It is also collaborating with the Ministry of Petroleum Resources to discuss a possible solution for the price of gas for manufacturers. There are also port delays that the government is currently trying to solve.

Nigeria has abundant natural resources such as oil, commercial minerals, and precious stones. However, development and trade aren’t fully functional because of inadequate power supply, deficient transportation infrastructure, a slow & ineffective judicial system, public sector corruption, insecurity, non-inclusive growth, poverty, poor maternal and infant mortality indices, incompetent education services, inefficient healthcare sector, and poor wealth distribution.

Nigeria’s Minister of Trade, Niyi Adebayo, stated that it is best to start from Nigeria and move to other countries in Africa. This is because Nigeria has over 200 million people (Africa’s total is 1.3 billion); therefore, more innovation and potential, which in turn can be used to transform Africa.

You May Also Like…

[et_pb_blog_extras posts_number=”6″ show_more=”off” show_author=”off” show_categories=”off” show_comments=”off” _builder_version=”4.14.2″ _module_preset=”default” header_level=”h3″ header_font=”Averta Black||||||||” global_colors_info=”{}”][/et_pb_blog_extras]