The Bank of Industry (BOI) has canvassed for a commodity-based industrialization underpinned by beneficiation and value addition if Nigeria was to forge ahead.
The bank said for the country to climb up the ladder of the global value chains in soft and hard commodities in which it has a comparative advantage, it must necessarily develop forward and backward linkages to the commodity sector for impactful development.
Acting managing director of the bank, Mr Waheed Olagunju, stated this during a media parley in Lagos with the theme: “Sustaining Nigeria’s Industrial Sector Growth through Impactful Partnerships.”
Olagunju, who stressed that achieving high-level sustainable and shared growth requires that the country meets certain imperatives, among which is the centrality of industrialisation, said if the country starts adding value to her natural resource endowments, it would stimulate primary production and processing, meet her local needs and even export and would not need to depend on oil prices which it has no control over.
According to him, the country has reached a critical juncture in its drive for economic transformation and hence needs to translate its current growth momentum into growth that is, broad-based, more resilient to external shocks, and conducive to meaningful job creation, reduction of inequality and poverty as well as overall social development.
He further stated that to effectively actualize the vision 2020, entrepreneurship must become a household name in Nigeria, as white collar jobs that people clamour for are no longer there hence, micro, small and medium enterprises (MSMEs) becomes a reality as a means of ensuring self-independent employment creation, import substitution, effective and efficient utilisation of local raw materials and contribution to the economic development of the country.
The BoI boss noted that the 774 local government areas in the country have natural resources waiting to be exploited.
“We need to propagate commodity-based industrialisation. We need to advocate it a lot. The present administration has also adopted the Nigerian Industrial Revolution Plan (NIRP) and NEDEP to boost commodity-based industrialisation strategy by adding value to our natural resource endowments across the country. Unless Nigeria gets it right, Africa cannot make it.
Source : Leadership