Manufacturing is the magic wand of successful economies in continents like Europe, Asia and the USA. A country without a solid manufacturing base is doomed in today’s world. Increased export and huge earnings can be made possible through manufacturing. Financial Liquidity for investing in other sectors of economies like education, infrastructure development, health, etc can be realized from earnings s from manufacturing. This thus frees economies from immense complexities of borrowing and loans. Every people, every nation has something which it can offer the world. Through manufacturing, countries can make this happen. It is also a means of achieving economic leverage. Till date, Nigeria with so much concentration in its insecure Oil and Gas (O&G) economic sector still does not have a comprehensive Manufacturing policy. This is dangerous for Nigeria’s economic future. If Nigeria wants to favorably compete in today’s world it has to change this stand and diversify. The Nigerian government should invest in diversifying the economy, to open up other potential areas like manufacturing, tourism, etc. Concentration on only O&G as Nigeria main economic concern is unhealthy for Nigeria, for now and for the future.
Ndubuisi Idejiora-Kalu is of the IYC Policy Unit