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.
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.”
