As efforts to boost the nation’s economy and make the business operations more environment-friendly gain momentum, the Federal Government on Thursday hinted that it was considering the development of a National Bioeconomy Strategic Framework to achieve a broadly diversified economy,
The Minister of State, Budget and National Planning, Prince Clem Agba, who disclosed this during a two-day workshop on creating a Sustainable Bioeconomy in Nigeria, said that the plan, when adopted, would work towards deepening the initiatives for diversified growth and sustainable development of the economy.
This is even as he explained that following the successful implementation of the Economic Recovery and Growth Plan 2017-2020 which will be completed in December this year, the government had commenced the process of preparing a successor Medium Term National Development Plan: 2021-2025.
He said the successor plan, together with the agenda 2030, were expected to accentuate and provide a coordinated approach for harnessing the inherent potentials of the bioeconomy, especially towards addressing the employment challenge in the country.
While acknowledging some of the challenges currently facing the country, which includes fragile and low economic growth, low investment and foreign capital inflows, high rates of unemployment and incidence of poverty, the minister stressed that bioeconomy strategy could significantly revert most of these challenges and also tackle the country’s environmental challenges.
He said the aim of the workshop was to prepare for the National Bioeconomy Strategic Framework, which will be a collaborative effort involving stakeholders in both public and private sectors.
The minister also maintained that Nigeria had a huge potential in bioresources, especially biomass, which could be harnessed to advantage to create wealth, jobs and enhance the growth and development of the country.
He also noted that the bio-economy strategy would play dual role of promoting the country in meeting its commitments in the Paris Agreement.
Also speaking, the Head of Agricultural Division ECOWAS Commission, Enerst Aubee, said the workshop was timely and relevant as most ECOWAS member-states have embarked on the path of economic diversification.
He commended the Nigerian government for the initiative of developing the National Bioeconomy Strategy Framework, adding that such framework, when completed and operational, will bring multiple benefits in the areas of agriculture, forestry, environment and other natural resources.
Aubee recalled that in 2019, the ECOWAS Biosafety regulation was successfully completed, adding that when approved by its political traders l, will go along way to protect the ECOWAS region from harmful effect of Biotechnology on the population.
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