FG to create special funds for infrastructural development

FG to create special funds for infrastructural development


The federal government has stated its readiness to create a special fund to cater for infrastructural development and speed up industrial development in all the states country.

The Vice-President, Prof. Yemi Osinbajo, made this disclosure, in Abuja recently while declaring open a summit with the theme; “Industrialisation in States: Developing, Harnessing and Sustaining Industrialisation Drive (Ideas, Plans, Policies and Programmes) of the State Governments in Nigeria Towards Ensuring Rapid Economic Development.”

The programme which was organized by the Leadership Conference Ltd., a subsidiary of Leadership Group is focused on bringing Nigeria to where it ought to be infrastructurally, without which, economic development would be far fetched.

The Vice President, who was represented by the Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah, gave an assurance that, in the weeks and months ahead, the federal government would be unveiling a number of important initiatives aimed at addressing Nigeria’s consistently poor performance on various Global Competitiveness and Ease of Doing Business Indices.

He noted that work was already going on within the government to create a dedicated fund to tackle the infrastructure deficit, adding that time had come for the government to move from plan to action, the Nigeria Industrial Revolution Plan (NIRP) comprehensive document launched by the previous administration in 2014

According to him, industrialisation was the turn-key Nigeria needed now in order to make the shift from being primarily an exporter of commodities and raw materials, to being an industrial economy, stressing that manufacturing currently contributed only a tenth to the nation’s gross domestic product (GDP) much lower than in other emerging market economies.


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