The manufacturing sector has the potential to enable Nigeria to achieve the target of becoming a $1 trillion economy by 2030 with necessary structural reforms and strategic investments.
Director General of the Nigerian Association of Chambers of commerce, Industry, Mines and Agriculture (NACCIMA), Olusola Obadimu, stated this, in Lagos, at the 2024 National Conference of the Commerce and Industry Correspondents Association of Nigeria (CICAN) with the theme, “Manufacturing: $1 trillion GDP Target by 2030: Realities and Possibilities”.
Obadimu, who was represented by William Inya, a Research Officer at NACCIMA, said that the sector can boost the economy significantly with improved infrastructure, enhanced access to financing, and policies that promote local production.
His words: “The manufacturing sector, which currently contributes approximately 9% to Nigeria’s GDP, has the potential to be a game-changer.
“With improved infrastructure, enhanced access to financing, and policies that promote local production, this sector could significantly boost economic output.
“Countries with similar aspirations have leveraged manufacturing to increase their GDP contributions to as much as 20–30%, creating jobs and fostering economic inclusivity.”
He however highlighted the several challenges that could continue to hamper the achievement of the set target.
