Nigeria’s Future Lies in Industrialisation – Adesina
Dr Akinwumi Adesina, president of the African Development Bank (AfDB), says Nigeria must industrialise rapidly to compete globally and lift millions out of poverty by 2050. Adesina in a statement on Thursday, made the call while delivering a keynote address at the 20th anniversary dinner of Chapel Hill Denham in Lagos.
Adesina lamented Nigeria’s economic decline over the decades, with current per capita income lower than it was at independence. He warned that Nigeria’s slow growth and high poverty levels posed a major challenge to Africa’s development, as the country remained the continent’s largest economy.
“Nigeria must stop seeing underdevelopment as normal. It must rise to lead Africa,” he said. Adesina said Nigeria needed to follow the example of countries like South Korea, which moved from poverty to prosperity through savings, innovation, and manufacturing.
He criticised Nigeria’s failure to industrialise, noting that the country lagged behind Malaysia and Vietnam in manufacturing exports and value addition. On solutions, Adesina urged massive investments in power, infrastructure, science, and agriculture, supported by private capital and efficient governance.
He highlighted the AfDB-led Special Agro-Industrial Processing Zones project as a game changer for Nigeria’s agricultural transformation. Adesina said the AfDB and its partners had committed a total of 3.4 billion dollars to support Nigeria’s agro-industrial transformation,
He said the investment would fund Special Agro-Industrial Processing Zones (SAPZs) across 36 states and the Federal Capital Territory, aimed at boosting food production, processing, and export.
According to him, the zones are designed to attract agribusinesses to rural areas with high production potential, adding value to raw produce and generating jobs.
Adesina stated that the zones would help diversify Nigeria’s economy, reduce food imports, and position the country as a global food powerhouse.
He quoted Vice President Kashim Shettima, who joined him in launching the programme in Kaduna and Cross River, saying, “These agro-industrial zones will change Nigeria.”
The AfDB president urged the government to continue supporting policies that attract private investment in agriculture and rural development. “Reimagining Nigeria’s future means making agriculture a business, not a way of survival,” he said. #Nigeria’s Future Lies in Industrialisation – Adesina CUTIX Gains 30% on Earnings Forecasts, Unusual Trade Volume
