AfDB Chief Tells Govt to Focus on Industrial Growth

AfDB Chief Tells Govt to Focus on Industrial Growth

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The Senior Special Adviser on Industrialisation to the President of the African Development Bank, Prof. Oyebanji Oyelaran-Oyeyinka, has proposed solutions to boost Nigeria’s industrial sector.

His recommendations were made during a public lecture titled, “Why Nigeria’s Development Lags: Causes and Consequences of Premature Deindustrialisation,” organized by the Nigeria Society of Chemical Engineers. Oyelaran-Oyeyinka emphasized the need for government support to create an efficient and competitive environment for local companies.

 He highlighted Africa’s potential in the food and agribusiness sector, expected to reach $1 trillion by 2030, urging investment in food processing and logistics. Oyelaran-Oyeyinka suggested using clustering and agglomeration as industrial policy instruments to build economic and industrial diversification.

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He further remarked, “One of the most effective strategies for rapid economic growth is accumulating export capability to drive sustained exports of manufactured goods, leading to foreign exchange earnings.”





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