Aliko Dangote, President of the Dangote Group, has defined the goals that Nigeria’s manufacturing industry must achieve in order to guarantee the country’s industrialization over the next ten years.
The business mogul suggested that, among other things, the manufacturing sector’s share of the Gross Domestic Product (GDP) should more than double to 20%, up from the present 9%, during the next ten years to encourage industrialization in the nation.
Dangote delivered a speech at the 2nd Adekola Odutola Lecture in Lagos, which was held in honor of the Manufacturers Association of Nigeria’s (MAN) 50th Annual General Meeting.
He stated: “Nigeria needs to, henceforth, intensify efforts at promoting industrialization with a specific focus on the attainment of the following targets in the next 10 years:
“15% manufacturing sector growth, 20% manufacturing contribution to GDP, 15% growth in export of manufactured products, 10% increase in the share of manufacturing to total export merchandise, the stronger inter-industry linkage between SMEs and large corporations, improved manufacturing contribution to government tax revenue and 20% increase in manufacturing employment.”
Dangote remarked that by connecting industrial activity with the primary sector, domestic and international trade, and service activities, industrialization enhances a country’s ability to compete globally in the creation of processed and manufactured commodities.
His words: “To achieve industrialization goals, it is necessary for a nation to formulate plans and policies that will enhance and sustain industrial development. Sustainable industrial development involves the establishment of a conducive environment to encourage investment and ensure efficient usage of resources to increase the productivity and growth of the nation.
“The creation of a pathway to steady and sustained industrial growth entails the deployment of industrialization-centric strategies and policies; promotion of the National Manufacturing Philosophy; securing the buy-in of government for successful implementation of the agenda; promotion of smart manufacturing; the establishment of a robust framework aimed at improving the business environment, the extension of comprehensive and integrated support to priority sectors with strong linkages and growth potentials as espoused in the NDP 2021-2025 with particular emphasis on improved value addition and export of manufactured products.
It also entails the development of strong partnerships with the private sector within and outside the country.”
