The Minister of State for Industry, Trade and Investment, John Owan Enoh, says Nigeria must raise its Gross Domestic Product (GDP) growth rate from the current 3 percent to at least 7–8 percent if it is to achieve President Bola Tinubu’s vision of a $1 trillion economy by 2030.
Enoh made this known at a media briefing in Lagos ahead of the West Africa Industrialisation, Manufacturing and Trade Summit and Exhibition scheduled for October.
He stressed that Nigeria’s industrialisation drive must be intentional, noting that without a deliberate plan, the ambition of becoming an industrial hub and attaining a trillion-dollar economy would remain elusive.
According to him, rapid industrial growth is imperative if the country is to cope with its projected population of more than 400 million people in the coming years.
To this end, the Federal Government will unveil a new National Industrial Policy in September, designed to tackle structural bottlenecks such as unreliable energy supply, limited access to finance, regulatory inefficiencies, and skills shortages.
The policy will also focus on effective raw material management. The minister disclosed that a bill is currently before the National Assembly seeking to make it compulsory for raw materials destined for export to have a minimum of 30 percent value addition.
“Nigeria cannot continue to export raw materials indiscriminately without adding value.”
“For us to achieve the $1 trillion economy that Mr. President promised, we cannot rely on a 3 percent GDP growth rate. It must be between 7 and 8 percent. No country achieves economic growth without industrialisation, and the Western economies we admire today grew because they industrialised,” Enoh said.
While commending the organisers of the October summit for creating a platform for industries and manufacturers across West Africa to showcase their products, Enoh urged operators in the sub-region to embrace self-reliance and regional collaboration.
“Our salvation does not depend on the West or their capital cities. It lies in how much industrialisation we can drive in our own cities, across the sub-region and the continent,” he added.
