Former Finance and Industry, Trade, and Investment Minister, Olusegun Aganga, has called for urgent, cohesive action from the Nigerian government to harness the potential benefits of the African Continental Free Trade Area (AfCFTA). He made this assertion during his speech at the 51st annual general meeting of the Manufacturers Association of Nigeria (MAN), emphasizing the critical need for a robust industrialization strategy.
Aganga pinpointed the necessity for Nigeria to carve out a clear industrialization vision, rallying nationwide commitment. He proposed rejuvenating the Nigeria Industrial Revolution Plan (NIRP), advocating for Nigeria’s ascension as a top global manufacturer within a decade, a goal he deems attainable.
“Central to Africa’s Agenda 2063, manufacturing is pivotal for economic metamorphosis, job creation, intra-African trade propulsion, and technological evolution, pivotal in eradicating poverty,” Aganga explained, underscoring manufacturing’s whopping 70% contribution to global trade.
Industrial advancement isn’t serendipitous but the fruit of calculated national choices, he stressed, urging an aggressive, precise industrial cultivation approach, particularly vital given Nigeria’s fledgling manufacturing foundation.
Drawing parallels with China’s transformative journey, Aganga enumerated China’s success recipes: substantial investments in education, skills, trade infrastructure, the inception of Special Economic Zones (SEZs), attractive foreign investment enticements, and strategic industrial support, blending financial incentives with technology acquisition strategies.
“Emulating China’s blueprint, Nigeria must prioritize strategic industries, promoting growth and exports, assimilating technology through global partnerships, and flexing manufacturing to meet market nuances,” he advised. Additionally, leveraging bilateral and regional trade accords, similar to China’s African alliances, can catapult Nigerian products onto global shelves.
For Nigeria, thriving within AfCFTA’s landscape means heavy infrastructure, innovation, and skilled workforce investment, coupled with dismantling trade impediments and enhancing market accessibility, Aganga outlined. According to a report by This Day Live, he affirmed Nigeria’s potential as Africa’s manufacturing nexus, given strategic investment and adaptive policies.
Concluding, Aganga championed steadfast progress monitoring, adaptive strategizing, acknowledging the rugged path towards AfCFTA-geared competitive manufacturing, yet remaining resolute in fostering a flourishing manufacturing realm for a prosperous Nigeria.
