Nigeria’s economy requires radical changes now - Ighodalo, NESG Chair
Dangote, others harp on industrialisation at economic Summit
Only consistent and inclusive economic growth, underpinned by a competitive, private sector-led, productive economy can move Nigeria’s economy toward its real progress, The President of the Nigerian Economic Summit Group, Asue A. Ighodalo has said.
Speaking yesterday in his opening remark at the 25th Nigeria Economic Summit in Abuja, Ighodalo said by 2050, majority of the Nigeria’s projected 400+ million people will be under the age of 35, therefore we need to confront our realities and craft a new national agenda that will President of the Dangote Group Aliko Dangote has said the private sector is key to the much touted industrial revolution, adding that his conglomerate is leading Nigeria into the new epoch through massive investment in the manufacturing sector and skill development.
During the plenary session at the ongoing 25th edition of the Nigerian Economic Summit with the title “Competing with giants”, Dangote said the theme for this year’s summit, Nigeria 2050: Shifting Gears, is apt, as Nigeria has to drive on the fast lane of industrialization.
Mr. Dangote, who was represented by the company’s Group Executive Director, proactively and urgently drive inclusive double-digit growth and development, over the next three decades.
“It sounds daunting, but it is not impossible. It has been done before; by others in situations similar to ours, but never by accident. The kind of economy we require, that will earn us a seat at the table with regional and global giants, must be both deliberate and audacious.
“If we plan just to survive or maintain our current trajectory, we will have sacrificed the future of a large number of the world’s future inhabitants.”
According to him, the United Nations projects that Nigeria’s Government and Stakeholder Relations, Ahmed Mansur said Nigeria and indeed Africa must take bold steps to change the narrative of industrial backwardness.
He described as unacceptable the contribution of the manufacturing sector in the country to the GDP, which currently stood at 9%, unlike in the Asian countries which stood at about 30%.
“To achieve a significant level of industrialization, this trend must be reversed.”
He said his company was already leading Nigeria into the 4thindustrial revolution, adding that: “Once we catch up with 2nd industrial revolution, our entrepreneurial youth can help us leapfrog to the 3rd and 4th. This is what happened with the population will double by the Year 2050 to 410 million, and the country will become the third most populous nation in the world behind China and India.
“Basically, the population is projected to grow by a little over 3% per annum. If true, and it does not seem unrealistic, GDP must grow by at least that much, year on year, for us to just maintain our current GDP per capita this is without accounting for inflation. Clearly, we do not have that luxury.”
“Our current GDP per capita, even at zero inflation, on its own, and more so when we factor in wealth distribution disparities, is not a metric we IT revolution in India.”
He urged government to encourage more investments from local entrepreneurs, saying the country can learn from the Korean experience where they supported a number of conglomerates.
Chairman of the Economic Advisory Council, Dr Doyin Salami, has told the federal government to get out of business and allow the private sector to the driver seat.
Dr. Salami also told the federal government that since it was wooing the private sector to take risks and invest in Nigeria’s economy, the FG must be willing to mitigate the risks businesses face.
Chairman of First Bank Plc, Mrs Ibukun Awosika, said an emergency on the education can afford to have stand still… But if we plan to thrive and excel in this new world that is emerging, we can work to restore glory to our country, and lead this continent to a place of relevance in tomorrow’s economy.
“Singapore did it. South Korea did it. China did it. Radical transformation is possible. Destinies can and do change. All it takes is concerted effort. The urgency of now. And the will to change,” he said.
The theme for this year’s Summit - “Nigeria 2050: Shifting Gears” - is deliberately set against this background, with a focus on setting a new agenda, tailored to Nigeria, sector must be declared stressing that more than 70 percent of Nigerian students are studying courses they are not interested in but are forced on them.
She said the country must articulate, define and redefine its plan on education stressing that the gap must be closed between what is taught in schools and what industries require to achieve the needed transformation.
The Minister of Finance, Zainab Ahmed rolled out 11-point priority for economic development.
Chairman of the Nigerian Economic Summit Group (NESG), Asue Igbodalo said the partnership between the private and the public sector is key to the economic development of the country. and defining the path we must collectively tread as we usher in the Fourth Industrial Revolution.
According to him, the analogy of shifting gears, is particularly instructive - as it recognises that “we must ramp up speed from where we are, and cannot go from 1 to 5 without a few shifts - but we must ramp up quickly, and decisively, with the urgency of a driver who recognises that he is already setting out late for an appointment; in this case, an appointment with a revolution that is not slowing down for latecomers. We must choose the fastest not the most scenic route and navigate with great care and great speed.”