FG to Raise $500 Million to Build Industrial Parks

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SWITZERLAND, MAY 28 – The Federal Ministry of Industry, Trade and Investments plans to raise $500 million to build world class industrial parks around the country and to revamp existing ones.

This was revealed by the Minister of Trade and Investment in at a recent interface with select journalists in Abuja,

According to Enelamah, the Nigerian government is expected to provide 25 per cent of the $500 million ($125 million), while offshore investors and financial institutions will provide the balance.

To achieve that goal, the Minister and members of his management have created a special purpose vehicle for the project, even as they target to raise $500 million to oil the wheels of the project.

The Minister also revealed the establishment of a National Industrial Council, with members including the CBN governor, state governors and the Vice President

“Under industrialisation, there are three policies that we are pursuing that we think we make an impact on industries or industrialisation over time. The first one is that we have established an Industrial Council, something called Nigerian Industrial Policy and Competitiveness Advisory Council, which the membership is made up of leading stakeholders in the private sector and senior members of government, Ministers, CBN Governor and it’s chaired by the Vice President and I’m the Vice Chairman. “

“The whole idea of this Industrial Council is that we look at the critical issues affecting the industries, with a bias for implementation, ” Enelamah said

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