Report on industrial incentives ready for consideration ' Aganga

The Federal Government has concluded the review of all industrial incentives as part of its renewed efforts to boost the growth and development of Nigerias non-oil sectorThe Minister of Trade and Investment, Mr. Olusegun Aganga, disclosed this while delivering a keynote address at the opening of the 2nd Nigerian Non-Oil Export Conference, Exhibition and Awards in Abuja on Thursday.He said the report of the inter-ministerial committee set up by the Federal Government to review all industrial incentives across the country was ready for consideration.Aganga noted that the review of the existing incentives was necessitated by their inability to successfully ameliorate the numerous challenges facing manufacturers and exporters across the country.He said the ministry was working with the private sector to address the problem of supply, demand and competitiveness of Nigerian products in the international marketThe minister said, Governments efforts at propelling the growth and development of the local industries, especially for exports, led to the promulgation of various statutes in the past.This package of incentives was to encourage Nigerian exporters to increase the volume of their exports, broaden export and market coverage and diversify the productive base of the economy.Aganga added, They were also aimed at increasing foreign exchange earnings from non-oil export, among other things. However, noble the intentions of the government, most of these schemes have become technically impotent, while others have become moribund overtime.And in order to ameliorate the situation and make them more functional, the government set up an inter-ministerial committee to review all industrial incentives in the country. The report is ready and will be presented for consideration in due course.He said the ministry had begun the implementation of policies and strategies aimed at repositioning Nigerias non-oil export sector to become a net contributor to the countrys Gross Domestic Product.
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