Nigeria Urged to Accelerate Industrialization for Economic Diversification

Nigeria’s economy needs urgent diversification, focusing on industrialization and investment according to Aisha Rimi of the NIPC, as highlighted during a stakeholders forum in Benin. Rimi promotes foreign and domestic investments while supportive voices from Edo State stress agriculture and mineral resource development as areas ripe for growth and job creation.

In a recent forum held in Benin, Aisha Rimi, the Executive Secretary and Chief Executive Officer of the Nigeria Investment Promotion Commission (NIPC), highlighted the urgent need for Nigeria to diversify its economy through industrialization. Rimi made these remarks during a stakeholders engagement event targeted at state investment promotion agencies, emphasizing that enhancing both foreign and domestic investments is critical to unlocking the country’s full economic potential.

Rimi stated, “It is clear that Nigeria urgently needs to diversify its economy by promoting industrialization. The big question is, how do we do all of this? The answer is Investment – not just foreign but also domestic.” This underscores the current administration’s commitment to economic transformation and proactive reforms aimed at improving the overall business environment.

Highlighting the significance of investment, Rimi pointed out the necessity of creating jobs for the nation’s vast youth population, industrializing key sectors, and leveraging Nigeria’s arable lands to ensure food security. She also suggested that the country should responsibly utilize its mineral resources while investing in the revival of educational and healthcare institutions.

Amen Odigie, Managing Director of the Edo State Investment Promotion Office, also spoke to the forum, focusing heavily on agricultural advancements within the state. He noted substantial efforts to support both large-scale farms and smallholder farmers through improved access to financing and quality seedlings. “Beyond agriculture, our nation is blessed with an array of natural resources. We have significant deposits of solid minerals such as limestone, gold, iron ore, coal, and various ores, many of which are under-explored,” Odigie remarked.

The implications of exploiting these resources are significant, according to Odigie. By developing these mineral resources methodically—from extraction to manufacturing—the nation could harness considerable investment potential and foster industrial growth, which could subsequently elevate the country’s GDP and create valuable industrial value chains.

Governor Monday Okpebholo of Edo State, represented by Secretary to the State Government Musa Ikhilor, expressed that sustainable economic growth must involve collaborative efforts. “This aligns with NIPC’s vision to strengthen the capacity of State Investment Promotion Agencies,” said Ikhilor. He noted the administration’s efforts to foster a conducive environment for investment through various business-friendly reforms implemented by the Edo State Investment Promotion Office.

In summary, the calls for Nigeria to diversify its economy through industrialization are becoming increasingly pressing. With key figures from the NIPC and Edo State highlighting the vital roles of both domestic and foreign investments, the need for strategic approaches to leverage natural resources and agricultural potential is clearer than ever. These initiatives aim not only for economic growth but also for sustainable development and job creation, particularly aimed at the youth population.

Original Source: punchng.com