Urgent Call for Industrialization to Diversify Nigeria’s Economy
The Executive Secretary of NIPC, Aisha Rimi, emphasizes the urgent need for Nigeria to diversify its economy through industrialization. A stakeholders forum revealed plans to enhance investment by promoting both foreign and domestic opportunities. Local leaders also highlighted agricultural initiatives and resource development as significant pathways toward achieving sustained economic growth.
Aisha Rimi, the Executive Secretary and CEO of the Nigeria Investment Promotion Commission (NIPC), recently emphasized the urgent need for Nigeria to diversify its economy through industrialization. Speaking at a stakeholders engagement forum in Benin, Rimi outlined how boosting both foreign and domestic investments is crucial for achieving Nigeria’s economic potential.
Rimi articulated that the present administration is showing a strong commitment towards economic transformation, which includes proactive reforms aimed at enhancing the business climate. “It is clear that Nigeria urgently needs to diversify its economy by promoting industrialisation. The big question is, how do we do all of this? The answer is Investment – not just foreign but also domestic,” she noted.
The challenges facing the nation, according to Rimi, include creating jobs for the country’s growing youth population and effectively utilizing its substantial natural resources. She called for improvements in agriculture, infrastructure, and education while responsibly exploiting the nation’s mineral wealth.
Amen Odigie, Managing Director of the Edo State Investment Promotion Office, highlighted his state’s commitment to promoting agricultural initiatives. He indicated efforts in supporting smallholder farmers and improving access to finance and quality inputs.
Beyond agriculture, Odigie pointed out that Nigeria is endowed with various unexplored natural resources, including solid minerals such as gold, limestone, and coal. He stated, “Developing these resources sustainably, from extraction to processing and manufacturing, presents immense opportunities for investment and industrial growth,” underscoring the potential for significant economic benefits.
Edo State Governor Monday Okpebholo, represented by Secretary to the State Government, Musa Ikhilor, contributed to the dialogue, stressing the need for collaborative efforts in attracting investment. The governor affirmed that sustainable economic growth requires a partnership approach.
He added, “This aligns with the NIPC’s vision to strengthen State Investment Promotion Agencies to attract and retain domestic and foreign direct investment for the diversification of the Nigerian economy.” The administration in Edo State continues to implement business-friendly reforms to facilitate investment-driven growth.
With numerous stakeholders involved, the message from the NIPC clearly indicates a collective urgency to boost Nigeria’s economic landscape through industrialization and sustainable practices.
Through enhancing direct investments and harnessing resources effectively, Nigeria has the potential to achieve a more diversified and resilient economy soon.
The dialogue involving the NIPC and state investment agencies highlights Nigeria’s urgent need for economic diversification via industrialization. Aisha Rimi’s insights about investment strategies, alongside contributions from local leaders on utilizing natural resources, set a framework for moving forward. By fostering domestic investments and enhancing the agricultural and industrial sectors, Nigeria aims to cultivate sustainable growth and a competitive business environment.
Original Source: punchng.com
