Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo on Monday said that Nigeria’s Industrial Revolution Plan is being reviewed to reflect economic realities and aspirations of the federal government.

The minister, who spoke at the commissioning of chemical solutions manufacturing plant in Lagos, listed the economic realities to include the African Continental Free Trade Agreement (AfCFTA), imminence of the fourth industrial revolution and climate changes.

”They will increase local production, create job opportunities and improve our foreign exchange reserve position. It is, therefore, my pleasure to commission this manufacturing plant which will contribute significantly to the areas I just mentioned.

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I am reliably informed that the company has so far invested a sum of N1 billion to achieve an installed production capacity of 12,900MT, which will produce unique and standard oilfield chemicals for local industries in the Oil and Gas and Transportation sectors.

I believe this will help in taking us steps ahead in our effort to diversify the economy and increase the contribution of the manufacturing sector to the Gross Domestic Product,” he said.