There is a need for government to support local companies and create an environment that would make it efficient and competitive.
The Senior Adviser to President of African Development Bank, Prof. Oyebanji Oyelaran-Oyeyinka made the declaration on Tuesday during a public lecture at the 93rd birthday of Mr Anthony Shobo, Oyelaran-Oyeyinka.
The public lecture was titled, ‘Why Nigeria’s Development Lags: Causes and Consequences of Premature Deindustrialisation,’ he emphasised the importance of investing in capabilities at the factory level.
Oyelekan recommended that the government should promote manufacturing export capabilities as a source of growth, building capabilities for economic and industrial diversification, and using clustering and agglomeration as industrial policy instruments.
“Efficient production and innovation in latecomer countries like Nigeria mean satisfying domestic demand, reducing imports, and developing capabilities for incremental process and product changes. The focus of these activities should be on the factory floor of private sector industrial enterprises rather than formal R&D laboratories.
“Africa’s food and agribusiness sector is expected to reach $1 trillion by 2030. With 65 per cent of the world’s uncultivable arable land, Africa has the potential to feed itself and export value-added food products globally. Investment in food processing and logistics is crucial,” he said.
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