The Federal Government in efforts to address the identified economic challenges has embraced the Bio-economy strategy as a tool to deepen it’s economy diversification drive.
The national Bio-economy strategy according to the government is aimed at providing opportunities to increase productivity as well as make Nigeria more attractive to local and foreign investors across the Bio-economy spectrum.
Clem Ikanade Agba, Minister of state, Budget and National Planning, speaking at the two-day national Bio-economy Strategy workshop titled “Creating a sustainable Bio-economy for Nigeria” held in Abuja, said that the project is an indication of the Buhari administration’s policy thrust for economic diversification and growth.
The minister speaking further, said that the Bio-economy strategy plays a dual role of promoting the growth and diversification of any economy as well as supporting the country in meeting it’s commitment in the Paris agreement.
He said, “A well crafted Bio-economy strategy will invariably address about half of the sustainable development goals. Nigeria has huge potentials in bio-resources which could be harness to create wealth, jobs and enhance development of the country”.
The Minister further said that the fragile state of the Nigeria economy coupled with the revenue challenge has made the diversification of both the economy and the revenue base critical and of immediate importance.
” The creation of the Bio-economy which covers all the economic sectors including agriculture, manufacturing, building and construction, power and energy, transportation, health and education amongst others will require creating new products and market that will enhance the growth of the economy”.
” In this new decade, bio-based products and markets can become the major growth driver for the economy”, he said.
Ernest Umakhihe, Permanent Secretary, Ministry of finance, budget and national planning in his remark said that Bio-economy holds the key to diversification of the Nigerian economy as the country has vast bio resources and technologies for harvesting them.
Umakhihe, speaking further said that the government in the process of preparing a successor medium term national development plan towards deepening the initiative for diversified growth and sustainable development.
“The successor plan is expected to accentuate and provide a coordinated approach for harnessing the inherent potential of the Bio-economy, especially towards addressing the employment challenge in the country”.
“You may wish to note that the Bio-economy is not only UN sustainable development goals compliant but it is a strategy to achieve the SDGs and the objectives of the Paris agreement”, he said.
Aubee Ernest, Head, Agriculture division, ECOWAS commission, in his remark said workshop is very timely and relevant as ecowas member states have embarked on the path of economy diversification and Nigeria is not exempted. Related News
“I will like to commend the government of Nigeria for coming up with this laudable initiative of developing a national bioeconomic strategy, such a framework when completed and oparationalised will bring multiple benefits in the areas of agriculture. Forestry, and other natural resources sector”
“At the level of the ECOWAS commision, every effort is being made to develop biotechnology for the purpose improving food and nutrition in our region”.
