Wednesday, October 19, 2022

Dangote sets 10-yr manufacturing target for Nigeria’s industrialisation

Group, Alh. Aliko Dangote, has outlined the targets that Nigeria’s manufacturing sector needs to meet to ensure the nation’s industrialisation in the next 10 years.

To promote industrialisation in the country, he said that the manufacturing sector’s contribution to gross domestic product (GDP) should be more than double to 20 percent, up from the current 9 percent, among others, within the next decade.

Dangote spoke yesterday, in Lagos, at the 2nd Adekola Odutola Lecture organised by the Manufacturers Association of Nigeria (MAN) in commemoration of its 50th Annual General Meeting.

He stated: “Nigeria needs to, henceforth, intensify efforts at promoting industrialization with specific focus on the attainment of the following targets in the next 10 years:

“15% manufacturing sector growth, 20% manufacturing contribution to GDP, 15% growth in export of manufactured products, 10% increase in the share of manufacturing to total export merchandize, stronger inter-industry linkage between SMEs and large corporations, improved manufacturing contribution to government tax revenue and 20% increase in manufacturing employment.”

Dangote noted that industrialisation facilitates the global competitiveness of a nation in the production of processed and manufactured goods by linking industrial activity with primary sector, domestic and foreign trade, and service activities.

His words: “To achieve industrialisation goals, it is necessary for a nation to formulate plans and policies that will enhance and sustain industrial development. Sustainable industrial development involves establishment of a conducive environment to encourage investment and ensure efficient usage of resources to increase productivity and growth of the nation.

“The creation of a pathway to steady and sustained industrial growth entails the deployment of industrialization centric strategies and policies; promotion of the National Manufacturing Philosophy; securing the buy-in of government for successful implementation of the agenda; promotion of smart manufacturing; the establishment of a robust framework aimed at improving the business environment, the extension of comprehensive and integrated support to priority sectors with strong linkages and growth potentials as espoused in the NDP 2021-2025 with particular emphasis on improved value addition and export of manufactured products. It also entails the development of strong partnership with the private sector within and outside the country.”

By Yinka Kolawole


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