The President of the Africa Development Bank Group, Akinwumi Adesina, has ascribed a huge infrastructural deficit and weakness in the implementation of the industrial and trade policy, to the factors responsible for the gap in Nigeria’s industrial journey.
This was disclosed by Adesina, represented by the Director General, Nigeria Country Department at the AfDB, Lamije Bayo at the 2024 investment summit, according to Businessday.
According to Adesina, the huge infrastructure deficit requires Nigeria to invest $2.3 trillion over the period from 2020 to 2043 to stabilize the international stock benchmark of 70% of GDP.
He said “The Nasarawa Investment Summit is quickly emerging as a robust platform to showcase the investment potentials and opportunities of the state, as well as providing a forum for dialogue on policy innovations and actions that will consolidate Nasarawa’s position as a top investment destination in Nigeria.
“The theme for this year’s summit industrial renaissance, focusing on attracting capital for infrastructural development and entrepreneurship to drive industrialization is most apt and resonates with the demand of the time.”
The president of the African Development Bank said that during the last three years, between 2020 and now, yearly growth in Nigeria’s manufacturing output has been less than 1% while as of December 2023, 12.7% of its workforce is still unemployed.
“This situation, coupled with the high employment rate, especially among the youth population underscores the urgency for an industrial renaissance in Nigeria.
“According to the 2020 National Integrated Infrastructure master plan, Nigeria requires total infrastructure investments to the tune of $2.3 trillion over 2020-2043 and to help brace the international stock benchmark of 70% of gross domestic product.
“Of this, the energy sector requires $759 billion, to transport sector $575 billion, and housing and regional development another $253 billion,” Adesina said.
He pointed out that to unleash the enormous potential of Nigeria’s economy, it was essential to stimulate industrial development in Nasarawa and other Nigerian states as well as tackle the infrastructure deficit.
“To support industrial renaissance, Nasarawa needs to accelerate its mobilization efforts
“BudgIT 2023 state of the state report indicated that internally generated revenue grew marginally in Nasarawa State by 3.8% in 2023, from N27 billion in 2021 to N21.19 billion in 2022,” he noted.
Adesina stated that to improve tax compliance and generate more revenue, the African Development Bank supports the Federal Government’s introduction of a single identification scheme which will serve as an example for other states.
