The Abuja School
Introduction:
Current State and Public Narrative
The public perception of the Nigerian industrial complex is an understandably blink one, with its unimpressive growth rate over decades and struggle bouncing backing from the downturn spurred by the pandemic. It is safe to say there is now more than ever dire need for revitalization of our industries.
The manufacturing sub-sector of economy is the cornerstone that all the world biggest economic players have utilised to propel themselves into the upper echelon of societal development. Therefore, Nigeria must make a concentrated and definitive effort to strive toward the development of our manufacturing sector.
While Nigeria remains an oil export dominated economy. The manufacturing is still a fundamental player in the economy, making up 10% of our country’s GDP and 12% of the labour force. Which is a normal rate compared to the world economy. But it’s output statistics seriously underperforms as manufacturing export only amounts to 6.5 of the country’s total exports, being dwarfed by other countries rate with their sector contributing about 70% of their exports. If we are importing what could be manufactured in house including petrol and petrol-chemical product what is the point of have a cheaper currency compared to other countries when we do not produce sufficiently enough to export.
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