Subcommittees for free trade zones and industrial revitalization are approved by the FEC

To boost the country’s economy, the Federal Executive Council (FEC) has approved the creation of two committees to assess the country’s Free Trade Zones and develop a roadmap for industrial revitalization.

This information was revealed by Doris Uzoka-Anite, the Minister of Industry, Trade, and Investment, at the conclusion of the FEC’s second meeting on Monday in Abuja.

The committees, she said, would include numerous subcommittees to coordinate the activities of the ministry with those of other relevant ministries and agencies, and they would be presided over by President Bola Tinubu.

According to Mrs. Uzoka-Anite, the subcommittees will develop a roadmap towards a complete economic rebirth in line with the president’s eight-point strategy.

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The subcommittees will focus on consumer credit, commodity exchange, heavy industries, steel growth, and licencing and certification of artisans, according to the minister.

The subcommittee on trade facilitation and liberalisation, mining and solid minerals, oil and gas, and the creative industries are some of the others.

”The committee will coordinate the efforts of the ministry with those of other ministries and agencies in order to develop a roadmap for a complete industrial revival of the economy in accordance with the president’s eight-point agenda.

According to Mrs. Uzoka-Anite, “we anticipated an increase in investment in the industrial sector, the creation of jobs, a GDP growth rate from 3.5% to about 7%, and a GDP base of about N1 trillion.”

She continued by saying that the committee on the free trade zone would be tasked with mapping out a future in which the zones would create chances for Nigerians to benefit from.

“The Council also approved the creation of a committee to review the free trade zone, to look at its incentives, laws, and reforms, and to 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 added.

(NAN)