The Nigerian government’s Economic Recovery and Growth [ERGP] Focus labs have input a target of USD 9.24 billion revenue inflows for private sector investments in manufacturing and processing industries in Nigeria hopes to create over 300,000 jobs across the six geopolitical zones by 2020.
Besides this, will be backed by over USD 400 million government’s investment to be invested in six entry points of food, manufacturing, textiles, minerals, petrochemicals, manufacturing and the construction of new industrial parks.
Dr Nosa James Igbinadolo a financial expert who gave the details at an investment forum, on Tuesday, in Abuja.
Igbinadolo stated that the ample availability of raw materials, labour, land, market access and strategic location in the Gulf of Guinea makes Nigeria a norm manufacturing hub.
Despite being Africa’s most populous country, the share of the manufacturing sector to GDP is lower than Morocco, Kenya, Egypt, Mauritius and South Africa, a situation he narrates as unfortunate.
Igbinadolo also said that “Growth in the sector is crucial to achieving a diversified, sustainable and inclusive economy, other than Agriculture, it is the sector that has the most capacity to create massive job growth as it currently employs only 12 percent of labour force.”
A garment factory in Calabar, Nigeria from google images