The Nigerian Industrial Revolution Plan Bill

The Bill, which was read the first time on the 14th October, 2015 seeks to establish a Legal and institutional framework for the implementation of the industrial revolution plan and the National Enterprise Development Programme of the Federal Government to provide for their implementation, continuity and sustainability. It also seeks to ensure ownership of the processes, initiate activities for the industrial plan and the programme by relevant ministries, departments and agencies for the overall realization and delivery of the industrial plan and programmes.

The main objectives of the Bill are to: (a) accelerate the build –up of industrial capacity within Nigeria,(b) increase manufacturing contribution to Nigeria’s Gross Domestic Product , and (c) drive the process of intense industrialization based on sectors where Nigeria has comparative and competitive advantages.
The implementation of the Bill among other things will (a) facilitate job and wealth creation,(b) provide for economic and revenue diversification ,(c) ensure import substitution and export diversification, and (d) broaden government’s tax base.