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FEC approves subcommittees for industrial revitalisation, free trade zone



FEC approves subcommittees for industrial revitalisation, free trade zone

The Federal Executive Council (FEC) has approved the formation of two committees on industrial revitalisation roadmap and review of the Free Trade Zones in the country to improve the nation’s economy.


The Minister of Industry, Trade, and Investment, Dr Doris Uzoka-Anite disclosed this at the end of the second meeting of FEC on Monday in Abuja.


She said that the committees, to be chaired by President Bola Tinubu, would have various subcommittees to harmonise the activities of the ministry with that of other ministries and agencies relevant to it.


Uzoka-Anite said that the subcommittees would come up with a roadmap toward the full revival of the economy in line with the President’s eight-point agenda.


The minister explained that the sub-committees will include that of consumer credit, commodity exchange, heavy industries, steel development, and licensing and certification of artisans.


Others are the sub-committee on trade facilitation and liberalisation, mining and solid minerals, oil and gas, aa well as the creative industry.


“The committee will harmonise activities of the ministry with other ministries and agencies toward a roadmap for a full industrial revival of the economy in line with the 8-point agenda of the president.


‘’We expected a boost in investment in the industrial sector, job creation, GDP growth rate from 3.5 per cent to about 7 per cent, and a GDP base of about N1 trillion in line with Mr president’s mission,’’ Uzoka-Anite said.


She added that the committee on the Free Trade Zone would be charged with the responsibilities of charting a way forward for the zones with the aim of opening up opportunities for Nigerians to take advantage of.


“The Council also approved the setting up of a committee to review the free trade zone, to look at its incentive and the laws and reforms and come up with reform that will help to stimulate and catalyse the economic benefits of the free trade zones and the economic special zones for the benefit of Nigerians and other investors,’’ she said.

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