Chairman of the Dangote Group and Africa’s richest person, Aliko Dangote, has stressed the importance of reducing import dependence, stating that “import dependence is equivalent to importing poverty and exporting jobs.”
Dangote also warned that the 26.25% interest rate fixed by the Central Bank of Nigeria (CBN) will incapacitate the manufacturing sector and make it more difficult for the economy to grow.
Delivering a keynote speech on Tuesday at a three-day National Manufacturing Policy Summit at the Banquet Hall of the Presidential Villa, Abuja, Dangote highlighted the necessity of reliable power supply and affordable financing for industrial growth.
The business mogul described high interest rate as a major impediment to job creation and speedy economic growth in the country, adding that it can discourage investment.
While calling for protective measures for local industries, he asserted that “there is no industrialisation without protection.”
Dangote advocated a circular economy model, where economic activities remain within the country, benefiting all sectors of society.
He affirmed that industrialisation is “an inescapable road to sustainable and inclusive economic growth and human development.
Earlier, President of Manufacturers Association of Nigeria (MAN), Otunba Francis Meshioye, thanked participants for honouring the invitation after several postponements, just as he also expressed gratitude to President Bila Tinubu, for the unique opportunity and his magnanimity to host the Summit in the State House.
He said since the association opened communication with the office of the Vice President, they have been receiving tremendous support and collaboration from the Presidency.
He said the summit was organised to interrogate the evidence behind the constraints demeaning the performances of the industrial sector and to think and agree with the government on what to do to address them.
“The ultimate goal of the meeting is to reposition the sector on the path of accelerated growth, enhance its competitiveness and reap its multiplier effect on the economy and the wellbeing of the citizenry.
Highlighting the problems diminishing growth in the sector, he stated that “the prevailing microeconomic environment places severe strains on the manufacturing sector,” adding that “this is adversely affecting jobs and people’s livelihoods of the citizens.”
Also, former Minister of Finance, Olusegun Aganga, urged the government to declare manufacturing a national priority sector.
He pointed out that the mere possession of natural resources does not guarantee national wealth. “What makes a country rich is what it does with its resources,” Aganga said, calling for a shift from peasant farming to commercial agriculture and from artisanal mining to attracting major miners.
Aganga also recommended eliminating excessive customs duties, levies, and overlapping regulatory mandates to boost the manufacturing sector.
He said, “We also need to eliminate excessive custom duties, levies, regulars, and multiple regulators with overlapping mandates.”
Also present at the event were the Minister of Finance and Coordinating Minister for the Economy, Wale Edun; Director-General of National Agency for Food and Drug Administration and Control (NAFDAC), Mojisola Adeyeye; Comptroller General of Nigeria Customs Service, Bashir Adewale Adeniyi; Permanent Secretary in the Ministry of Industries, Trade and Investment, Ambassador Nura Rimi; government appointees, senior manufacturing executives, and members of the diplomatic corps, among others.
