AfDB  Official Makes Case for Nigeria’s Economic  Growth

Funmi Ogundare

The Senior Special Adviser on Industrialisation to the President of the African Development Bank (AfDB), Prof. Oyebanji Oyelaran-Oyeyinka, yesterday called for an enabling environment for local companies to grow, saying that the move would make them efficient, competitive as well as bring about industrial growth in the country.

Oyelaran-Oyeyinka made this known during a virtual public lecture titled: ‘Why Nigeria’s Development Lags: Causes and Consequences of Premature Deindustrialisation’, which was organised by the Nigeria Society of Chemical Engineers (NSChE), to celebrate the 93rd birthday of Mr. Anthony Shobo, the pioneer president of the Nigerian Society of Chemical Engineers and the first fellow of the Society.

The concept of de-industrialisation, he stated, is broadly defined by two metrics-a falling employment in manufacturing as a share of total employment and that associated with the decline in the share of manufacturing value in the GDP, adding that investment in capabilities at the factory level should be prioritised.

According to him, “Efficient production and innovation in the context of latecomer countries like Nigeria means satisfying domestic demand, thus reducing imports, developing the capabilities for changes to processes and products that are incremental, which may not necessarily be frontier type activities.

“The continent has the potential to feed itself and export value-added food products to the world; it needs to intensify investment in food processing and logistics.  “Therefore, the government needs to support local companies and create an environment that makes them efficient and competitive.”

He also recommended the promotion of manufacturing export capabilities as a source of growth, saying that Nigeria should move away from resource-dependence but build capabilities for economic and industrial diversification, clustering and agglomeration as industrial policy instrument.

“One of the most effective strategies for rapid economic growth is the accumulation of export capability to drive sustained exports of manufactures leading to foreign exchange earnings. African countries have long shortchanged themselves by exporting raw materials that others use as basis for wealth generation.”

He appreciated Pa Sobo whom he met 45 years ago during his brief stint at Lever Brothers, saying that he had played a pivotal role in his early career.

“Although he didn’t know me personally, he insisted on my recruitment because I had graduated with first-class honours and received the Lever Brothers prize as the top Chemical Engineering student from the University of Ife.

“Today, I am here to express my gratitude to Sobo. Transitioning to Lagos was challenging for a young man who had spent many years in the relative calm of Ibadan and Ile-Ife,” he stated.

Also, the National President of NSChE, and  Guest of Honour, Mr. Anthony Ogbuigwe, expressed concern that the current situation, as aptly described in the lecture’s title, shows that the country has de-industrialised, and that this is not commendable at all.

“Many of us started our careers in the manufacturing sector, but unfortunately, that sector has diminished. We must industrialise again and do so deliberately. It is not just about paying lip service but taking deliberate actions. The policies of our government must encourage this re-industrialisation,” he said.

Earlier in his remarks, Chairman NSChE,  Lagos/Ogun States chapter, Mr. Olusegun Sodeinde, said over the years, the lecture had always been used to celebrate foremost chemical engineers who had made significant contributions, and continue to contribute to the growth and development of society, and also served as a moment of reflection, centred around a carefully chosen topic.