The Nigerian Economic Summit Group (NESG), has stated that industrial policy alone cannot achieve industrialisation of the Nigerian economy without a coordinated policy architecture that simultaneously addresses the foundational constraints limiting productive capacity within the domestic economy.
NESG also stated that industrialisation should not be viewed merely as an expansion of manufacturing activity within an economy, but as a pathway to engendering employment, decent jobs and reducing poverty.
NESG in a report said over the past several decades, Nigeria has pursued industrialisation as a central pillar of its economic transformation agenda as successive governments have introduced numerous industrial strategies to diversify the economy, expand domestic production, create jobs and reduce dependence on primary commodity exports.
However, it said that despite these sustained policy efforts, the country is short of the industrial transformation required to drive inclusive growth due to several constraints like poor infrastructure and access to finance.
“Industrial policy plays a critical role in unlocking productivity gains and accelerating structural transformation in developing economies.
However, while industrial policy can be an important condition for industrialisation, it is not sufficient on its own,” said NESG.
Source: THISDAY
