Nigeria Must Move From Consumption To Production — Peter Obi

Nigeria Must Move From Consumption To Production — Peter Obi

Presidential candidate of the Nigeria Democratic Congress, Peter Obi, has urged Nigeria to move from a consumption-driven economy to one focused on production, job creation and exports.

Obi made the call in Lagos after attending the inauguration of the newly elected President of the Manufacturers Association of Nigeria, Dr Eric Okoye, at the Oriental Hotel.

The former Anambra State governor said he used the occasion to engage Okoye, former presidents of MAN and other industry stakeholders on the future of Nigeria’s manufacturing sector.

He said Nigeria had enormous potential in manufacturing but needed policies that would encourage investment, improve the business environment and strengthen cooperation between government and private businesses.

Obi noted that manufacturing currently contributes about 7.5 per cent to Nigeria’s Gross Domestic Product, compared with 14 per cent in Egypt, 15 per cent in Morocco and 25 per cent in Vietnam.

He also cited Indonesia and Bangladesh, where manufacturing accounts for about 19 per cent and 20 per cent of GDP respectively.

According to him, the figures showed that Nigeria needed to strengthen its productive base and increase the contribution of manufacturing to economic growth.

“We must therefore deliberately move from a consumption-driven economy to a productive economy, one that produces, creates jobs, adds value and competes successfully in the global market,” Obi said.

Obi said expanding Nigeria’s manufacturing sector would create employment, reduce dependence on imported goods, increase exports and strengthen the country’s productive capacity.

He added that greater local production would help Nigeria build a stronger economy while improving the standard of living of its citizens.

The NDC presidential candidate congratulated Okoye and the new MAN leadership, wishing them a successful and productive tenure.

Obi also expressed his readiness to maintain engagement with manufacturers and other industry stakeholders, stressing that collaboration would be important in building a more productive Nigerian economy.