The Sectoral Debate on Diversification of the Economy continued at the House of Representatives plenary session of May 5th 2016, with the Minister of Industry, Trade and Investment, Mr. Okechukwu Enelamah who made a presentation on how the Ministry intends to implement policies that would address the economic challenges in the country.

During the debate, the Minister highlighted four areas of policy implementation that will enable the Ministry achieve its goal of diversifying the economy. These areas include; creating an enabling environment by achieving consistency in its policies, increasing micro-economic stability, unveiling initiatives that focuses on eliminating obstacles for business innovations; Implementing a National Industrial Plan; Lead the course on Small and Medium Scale Enterprises (SMEs) as a means of job creation and economic growth by collaborating with MDAs on micro-financing, technical support and training; Attract long term local and Foreign Investment.

According to the Minister, the major economic challenges of the Ministry borders on participation and inclusion of other sectors, boosting exportation of non-oil products and the creation of a solid base for domestic manufacturers. Additionally, he listed interventions that should be undertaken by the National Assembly as overhauling the Company and Allied Matters Act (CAMA) 2004, in accordance to global best practices, fast tracking legislations on the Independent Warehouse Regulatory Agency Bill to boost SMEs and review the Nigerian Railway Corporation Act 2004, and Nigerian Postal Services Act 2004.

Concluding his presentation, he assured the House that the diversification of the economy still remains a priority for the government and it aims to provide a conducive environment for all businesses to thrive, pursue industrial policies and partner with foreign investors to achieve economic posterity