Industrialisation would create enough jobs for our teeming population and guarantee development. In achieving these, the federal government is paying due attention to the manufacturing sector. The national clinics for MSMEs operators, EODB, PEBEC, ERGP, a

Except for the economic recession of 201517, Nigeria’s economy attained a large size and grew at a fast pace in the last fifteen years. Despite that, the manufacturing sector remains weak. Past policy efforts aimed at improving the performance of the sector have failed and the focus has shifted towards more targeted policies aimed at specific sectors, as set out in NV20:2020. A key aim is economic diversification, with a focus on stimulating the manufacturing sector and strengthening its link with the agricultural and services sectors.

A number of challenges exist that will be critical to the success or failure of this strategy. Key among these are infrastructure, corruption and internal security. The current infrastructure base in Nigeria is grossly inadequate in terms of capacity and quality. Power generation capacity is less than 2,000 MW—about 20 per cent of estimated national demand. A key challenge for government and the private sector is to build a modern, efficient and effective infrastructure network within the next five to ten years.

Nigeria ranks highly in the Corruption Perception Index. This has implications for investment and foreign direct investment (FDI) flows into the country. Previous anti-corruption policies implemented in Nigeria have been targeted at enforcement measures rather than addressing the root causes, which include social insecurity and over-centralization of resources.

The internal security of Nigeria has become a major challenge. Internal conflicts, including religious, ethnic, and economic have had debilitating effects on the economy. The insecurity of lives and property became noticeable following the civil war and the subsequent military regimes, and the recent upsurge of violence and insurgency in the country heightens the need to address the persistent causes of social tension.