A bill to establish the Nigeria Industrial Development Authority on Wednesday scaled second reading at the Senate.
The consideration of the bill followed presentation of a debate by sponsor, Sen. Sani Musa (APC-Niger) at plenary.
Musa in his debate said the bill was important because no country in modern times become rich by exporting raw materials alone.
He said that the more a country concentrate in the production of raw materials only, the poorer it becomes, adding that industry multiplies national wealth.
Musa said that the bill would help to diversify the economy and address the fundamental infrastructure impediments hindering production activities in Nigeria.
“The bill is designed to move Nigeria beyond selling raw materials to a value added processing and manufacturing nation that create jobs, generate wealth, diversify economy, boost export and broaden tax base.
“In early sixties, abundant oil and gas resources brought billions of dollars into the country coffers which lead to neglect of other sectors that provided employment for about 40 per cent of the population,’’ he said.
He said revenues from oil have hampered efforts to diversify the economy, leading to economic stagnation and recently, economic recession.
This, he said resulted in the emergence of the bill.
“The bill will accelerate the build-up of industrial capacity within Nigeria, increase manufacturing contribution to Nigeria Gross Domestic Product (GDP),” he said.
He said the bill would help drive the process of intense industrialisation based on sectors where Nigeria has comparative and competitive advantages.
“Implementation among other things will facilitate job and wealth creation and ultimately provide for economic and revenue diversification,’’ he said.
He said the bill would ensure import substitution and export diversification and broaden government’s tax base.
“The bill is therefore one of the most ambitious piece of legislation that puts together a comprehensive industrial plan to diversify the economy, achieve industrial growth and reduce poverty.
“This bill will address the age-old constraints that have persistently limited manufacturing. It will build up industrial infrastructure, prioritise power for industrial use, reduce borrowing and mobilise funding for the real sector.
“It will also facilitate youth training in industrial skills, improve our investment climate, raise productive standards, link innovation to industry and enhance local patronage of made in Nigeria goods.
“This bill will provide the country with a robust manufacturing sector that will offer opportunities to Nigeria and Nigerians,’’ he said.
He said with the bill, Nigeria has the potential to become number one in Africa and top 10 globally in many industrial sectors.
“This bill will help build up labour intensive sectors, produce locally for domestic consumer market, become the manufacturing hub for ECOWAS and Africa.
“Attract investments from East Asia, where cost of labour has begun to diversify exports.
“The bill focuses on revitalising the entire value chain from production to distribution of priority sectors and sub-sectors of our economy,’’ he said.
He said a support for the bill would be a support for the much talked about diversification of the national economy and a catalyst to stir Nigeria out of economic downturn.
Lawmakers who supported the bill included: Sen. Yusuf Yusuf (APC-Taraba), Sen. Barau Jubril (APC-Kano) and Sen. Bima Enagi (APC-Niger).
President of Senate, Ahmad Lawan after referred the bill to Senate Committee on Industry for further legislative input and to report back to plenary in four weeks. (NAN)
