The Federal Government of Nigeria is actively promoting a production-driven economy over one reliant on taxation to strengthen the nation’s export capacity and alleviate pressure on foreign exchange reserves. Doris Uzoka-Anite, the Minister of Industry, Trade, and Investment, emphasized this approach during the inauguration of two new factories and an extension of the Tropical General Investment (TGI) Group located on the Abeokuta-Sagamu road.
The minister highlighted the government’s commitment to supporting industrialization and mobilizing resources as needed to spur economic recovery. Uzoka-Anite also expressed the government’s dedication to removing obstacles that could impede business growth in the country. She stated, “The challenge of unemployment, pressure on foreign exchange, and economic diversification is one that President Bola Ahmed Tinubu is determined to tackle conclusively.”
Emphasizing the importance of manufacturing and value chain addition for overall national development, the minister stressed that inaction in these areas would have significant consequences that the country cannot afford.
Governor Dapo Abiodun of Ogun State called on the Federal Government to approve the operation of the Remo Economic Zone, located near the soon-to-be-commissioned Gateway Agro-Cargo Airport, as a free trade zone. The governor emphasized the need for approval to enable processing companies that had committed to processing their raw materials in the zone. He anticipated a significant influx of multiple processing companies to the zone within a year if the approval was granted.
Roy Deepanjan, the Executive Director of Food Distribution at Tropical General Investment (TGI) Group, shared that about 80% of the company’s raw materials were locally sourced. He expressed the company’s pride in being associated with the state. The move towards enhancing export capacity aligns with broader economic goals, aiming to drive industrialization, boost employment, and reduce dependence on foreign exchange.
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