The Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah, has stated that the strategic focus of the ministry’s master plan for diversification and growth of the economy was partnering with private and development capital.
Enelamah, while speaking in Abeokuta, Ogun State at the eighth National Council on Industry, Trade and Investment, stated that the challenge in every economy was infinite demands and finite resources. According to him, with limited resources, the diversification and growth plan, otherwise known as the MITI Plan, which is based on a partnership with the private sector, will serve as a fulcrum for economic revival.
The minister stressed that, based on resource constraints and low price of commodities, including oil, it has become necessary to partner with the private sector to leverage and catalyse resources and development capital
He explained that the three pillars in the policy framework of the MITI Plan, were “creating a business-friendly environment; ensuring coherence among monetary, fiscal and structural reform policies so that the economic policies of government are coordinated and targeted at the common purpose of structural transformation to diversify as well as elimination of distortions and sustained growth.”
President Muhammadu Buhari had approved the establishment of the Presidential Council on Ease-of Doing Business, which is chaired by Vice President Yemi Osinbajo.
The minister further stated that Nigerians must see the connection, adding that the global perception was that the country was a tough environment in which to do business.
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