Experts Urge Resource-driven Industrialisation to Revive Nigeria’s Economy 

Esther Oluku 

Experts in the raw materials and natural resources value chain have said that without a radical shift toward resource-based industrialisation, the nation’s quest for economic development remains a distant dream. 

This was the crux of submissions articulated at the 10th edition of the Bullion Lecture Series organised by the Center for Financial Journalism themed: “From Resources to Prosperity: How Raw Materials Development, Value and Addition Innovation can Catalyse Nigeria’s Industrial Renaissance,” held in Lagos.

Presenting the lead lecture at the event, the Director General, Raw Materials Research and Development Council, Prof. Nnanyelugo Ike-Muonso, explained that Nigeria must look towards developing its raw materials as a solution to Industrialization.

He stated that each stage of value addition to raw materials deepens wealth creation and strengthens economic stability adding that Nigeria requires an industrial base anchored on strategic value addition to raw materials to attract stronger economic yield.

“We need to go back to developing our resources and use those resources as a lever to industrialize. That is what resource-based industrialization is about: developing a value chain from extraction to processing, from processing to manufacturing and then to export,” he said.

On his part, former Director General of the Nigerian Association of Chambers of Commerce Industry Mines and Agriculture, Mr. Kelvin Oye, argued that value addition to raw materials requires a predictable fiscal environment and access to capital to thrive while calling for policies which supports players in the agro processing and manufacturing space.

He noted that wrong policies yield negative outcomes for indigenous businesses adding that government has a duty to develop policies which empower its citizens.