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How Nigeria can join 20 largest economies –Minister

Posted by By CHARLES NWAOGUJI on 2008/03/22 | Views: 930 |

How Nigeria can join 20 largest economies –Minister


For Nigeria to join the league of 20 largest economies in the world by 2020, the country has to continually grow its economy from the current 5.6 per cent to 13 per cent annually, over a 13-year period, by using industrial development strategy – Cluster concept.

For Nigeria to join the league of 20 largest economies in the world by 2020, the country has to continually grow its economy from the current 5.6 per cent to 13 per cent annually, over a 13-year period, by using industrial development strategy – Cluster concept.

This was the submission of the Minister of Commerce and Industry, Engr. Charles C. Ugwuh, who also disclosed that the average GDP income par capital has to skyrocket, from the present $1,105 to about $6,000 by 2020.

According to him, such an ambitious goal could only be realized by evolving a national industrialization strategy capable of ensuring value addition to the country’s primary products and resources with obvious impact on wealth creation and employment generation.

The minister, who stated this at the weekend in Lagos, said government must make efforts to build vibrant, competitive, innovative system and provide infrastructure and enabling environment sufficient enough to encourage private participation in business.
Ugwuh stressed that Nigeria has not adopted the right strategies to empower its citizens to ensure that they add value to the production process.

“Worse still, Nigeria does not have integrated petrochemical plants capable of churning out the by-products/raw materials/intermediates required by its growing industrial sector,” he said.
He noted that both developed and rapidly developing economies had shown that industrialization was the most important key to economic growth and development.

“This is because industrialization raises productivity, creates employment, reduces exposure to risk, enhances income-generating assets of the poor and helps to diversify exports,” he stressed.

According to the minister, cluster concept is an effort to create a community of business located together in which members would seek enhanced environmental, social and corporate performance towards effective global trade competitiveness.
This, he said, enables government to concentrate on infrastructure and other amenities necessary for the smooth operation of business in identified locations.

He observed that the new cluster concept in Nigeria would operate at five different levels; free trade zone, industrial parks, industrial clusters, enterprise zones and incubators.
He noted that industrial revolution was achievable in Nigeria as the cluster concept would generate employment, create wealth and alleviate poverty in Nigeria. He said it is also the fastest route to Vision 2020.

The minister called on government at all levels to facilitate the building of this new initiatives as it would industrialize and develop Nigeria’s economy which would offer greater opportunities for employment and social cohesion.

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