The African Development Bank disclosed that Africa’s slow industrialization process is caused by issues ranging from poor infrastructure to low competitiveness.
This was disclosed by Mr Emmanuel Akinwunmi, the Principal Private Sector Specialist, African Development Bank (AfDB), at the inauguration of the Local Organising Committee (LOC) on the Nigeria Industrialisation Summit, on Friday, in Abuja, organised by Madewell Garment Ltd., in collaboration with the Ministry of Finance, Budget and National Planning and the African Development Bank.
The AfDB Executive added that the bank would support industralisation processes on the continent and urged Nigeria to look at policies that would reduce the high importation of textiles and garments in the country, urging for local production and patronage of the industry.
“The AfDB is advocating that whatever you produce, you process and sell locally,’’ he said.
Chief David Iweta, the Chairman, Madewell Garment Ltd., said the Nigeria Industrialisation Summit would unlock the potential embedded in the agric valuechain. He added that the summit is also based on Nigeria’s Economic Growth and Sustainability Plan which is based on how to feed, clothe and house Nigeria, citing projects including the Jesse Export Processing Zone and Anchor (JEPZA) in Delta state, projected to engage 300,000 workers in the development of garment and textiles projects.
“It will also look into massive housing development, transportation and logistics, development of livestock, goat dairy, fishery, cow meat and hides processing, oil palm and banana plantation and 25,000 pig value chain projects, among others,” he said.
What you should know
On reducing Nigeria’s infrastructure deficit, Nairametrics reported in June that President Muhammadu Buhari announced his approval of the establishment of Infraco Plc, a world-class infrastructure development vehicle wholly focused on Nigeria with a capital structure of N15 trillion.
The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, also revealed that the N15 trillion Infrastructure Corporation of Nigeria (Infraco) Plc would commence full operation by the third quarter of 2021.