• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Thursday, October 23, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

Nigeria needs an industrial revolution – Adesina

Industrial

The Matters Press by The Matters Press
July 13, 2023
Reading Time: 2 mins read
0
Egypt’s economic strides excite AfDB

Akinwunmi Adesina. AfDB's President

Abuja, July 13, 2023: The African Development Bank (AfDB) has called on President Bola Tinubu’s administration to set the right pathway to prosperity for Nigeria.

RELATED POSTS

Nigeria’s Poor Get a Makeover: A Critical Analysis of Tinubu’s application of the law of requisite varieties in the reduction of poverty in Nigeria

‎IMPI revises inflation rate projection to 14% from 17% for December

CSOs give thumps-up to Tinubu’s ONSA-NCTC, back Trump aide’s dismissal of Christian genocide in Nigeria

The AfDB President, Dr Akinwumi Adesina, said this while delivering a keynote at the Business Day Chief Executive Officers (CEO) Forum in Lagos.

The title of the keynote is: “The Day the Lion Roared! Making Nigeria a Global Industrial and Economic Giant”.

Adesina likened Nigeria’s case with that of Simba in the Lion King who after several challenges returned from exile to rule over his people as King after the death of his father.

”Nigeria, like the cub Simba, has great promise. But the promise is yet to be realised.

”’The day that Nigeria wakes up and becomes a lion king, everything will change for its people; and everything will change for all of Africa.

” Nigeria should never be a poor country; and Nigerians are tired of being poor.
‘

‘For now, Nigeria is developing too slowly and well below its potential. The challenge is for the lion to roar. Then we will have the making of an economic giant.

‘The key for that is for Nigeria to have an Industrial Revolution,” he said.

Adesina said the share of manufacturing in GDP of Nigeria had hovered around seven per cent in the past decades.

According to him , the nation has not been able to extricate itself from the comatose of its industrial manufacturing sector to unleash the fullness of its potential.

“’The performance of the manufacturing sector in the past five years have been poor. Between 2015-2017, the sector declined by -1.5per cent, -4.3per cent and -0.2per cent.

”This is in sharp contrast to the dynamic and rapid performance of manufacturing in Asian countries, such as Singapore, Malaysia, India, and China.

‘The manufacturing sector of Nigeria represents only three per cent of the total revenue from exports, but accounts for 50per cent of imports in the country.

“’Instead of being forward looking in expanding the share of the manufactured goods in its total export revenue, Nigeria focuses on the model of import substitution,”Adesina said.

According to Adesina, the country has a manufacturing sector that cannot develop to compete globally, but limits itself to “survival mode”, not a “global manufacturing growth mode”.

He said a well-developed and policy-enabled manufacturing sector, with export orientation will spur greater innovation, industrial policy for export market development and structural transformation of the economy.

He said rather than being consumed with conserving foreign exchange, the focus should shift to expanding foreign exchange through greater export value diversification.

Comparing Nigeria’s trade performance with Malaysia and Vietnam, Adesina said while Nigeria’s export hardly changed, Malaysia and Vietnam used aggressive horizontal and vertical industrial manufacturing diversification to move from low-value products to high-value market products.

”The result is seen in the comparative wealth of the three countries.

“’While export value per capita is 7,100 dollars for Malaysia and 3,600 dollars for Vietnam, it is only 160 dollars for Nigeria.

“’While Malaysia and Vietnam moved to global manufacturing growth, creating massive wealth and jobs for themselves.

” Nigeria remains in a “survival” mode, still unable to substitute the imports of its petroleum products, while being one of the largest exporters of crude oil, he said.
‘
African countries, including Nigeria, he said have had policies, templates and programs for industrialisation and expanding industrial manufacturing for decades, but there is a huge gap between policy ideas and actions.

Tags: Industrial
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

POLICY STATEMENT 027 BY THE INDEPENDENT MEDIA AND POLICY INITIATIVE (IMPI)
Economy/Technology

Nigeria’s Poor Get a Makeover: A Critical Analysis of Tinubu’s application of the law of requisite varieties in the reduction of poverty in Nigeria

October 22, 2025
NBS reports increase in Inflation
Economy/Technology

‎IMPI revises inflation rate projection to 14% from 17% for December

October 22, 2025
CSOs give  thumps-up to Tinubu’s ONSA-NCTC, back Trump aide’s dismissal of Christian genocide in Nigeria
Agriculture

CSOs give thumps-up to Tinubu’s ONSA-NCTC, back Trump aide’s dismissal of Christian genocide in Nigeria

October 22, 2025
Standing With the Bello Family – Justice Must Never Be Cheapened
Energy

Standing With the Bello Family – Justice Must Never Be Cheapened

October 17, 2025
You led with distinction, CG of Customs, hails former boss,  Mohammed at 80
Economy/Technology

You led with distinction, CG of Customs, hails former boss, Mohammed at 80

October 10, 2025
Consumer commission, CBN, EFCC investigate violations in money lending
Economy/Technology

Think Tank welcomes first interest cut in 5 years, notes that CBN decision aligns with its projection ‎

September 24, 2025
Next Post
Strike puts Nigeria in darkness

Electricity bane of Nigeria’s manufacturing industry - AfDB

Nigeria to rebase CPI, GDP

Digitalisation of MSMEs can increase Nigeria’s GDP by $50bn – NITDA

Recommended Stories

Jaiz Bank expands with new branches

Nigeria, World Bank extend cash transfer initiative by 2 years

April 7, 2022
$27.3bn lost to salinity-induced soil degradation annually–SSSN

Governor flags off sale of fertilisers

July 17, 2022
Old pension scheme beneficiaries get a boost in entitlements

Lagos owes N10bn in outstanding accrued rights of 10,000 retirees

July 2, 2022

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Nigeria’s Poor Get a Makeover: A Critical Analysis of Tinubu’s application of the law of requisite varieties in the reduction of poverty in Nigeria
  • ‎IMPI revises inflation rate projection to 14% from 17% for December
  • CSOs give thumps-up to Tinubu’s ONSA-NCTC, back Trump aide’s dismissal of Christian genocide in Nigeria

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us