Nigeria needs a coordinated industrial growth strategy, beyond macroeconomic reforms, to unlock investment in the manufacturing sector and accelerate economic expansion.
Chief Executive Officer of CFG Advisory, Mr. Tilewa Adebajo, stated this in an interview on CNBC Africa. He noted that reforms such as exchange rate liberalisation and broader macroeconomic adjustments should be regarded as the foundation for growth rather than the destination.
Adebajo argued that without deliberate policies to boost production, infrastructure and industrial investment, Nigeria would struggle to achieve sustainable economic transformation.
According to him, the current growth rate of about four per cent is insufficient for an economy with Nigeria’s population and development needs. He said the country needs to consistently grow between eight and 10 per cent annually to significantly improve productivity, create jobs and raise living standards.
He noted that manufacturing remains constrained by structural challenges, including high financing costs, inadequate infrastructure and the absence of a long-term industrial development framework.
