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Manufacturing Sector Capable to Boost Nigeria’s GDP by 50%—Lagos Manufacturing Sector Capable to Boost Nigeria’s GDP by 50%—Lagos

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Manufacturing Sector Capable to Boost Nigeria’s GDP by 50%—Lagos

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Manufacturing Sector Capable to Boost Nigeria’s GDP by 50%—Lagos

By Modupe Gbadeyanka

Lagos State Government has disclosed that the manufacturing sector in Nigeria has the potential to contribute 50 percent of the country’s Gross Domestic Product (GDP).

In view of this, the state government has called for increased attention for the sector.

According to the Commissioner for Commerce, Industry and Cooperatives in the state, Prince Rotimi Ogunleye, each state of the federation must look inward and initiate policies and programmes that would engender the development of the non-oil sectors as a panacea to the present economic recession.

Mr Ogunleye, who spoke at the celebration of Africa Industrialization Day held at Alausa, Ikeja, said as maintained that there is an urgent need to begin to diversify the economy particularly with the dwindling revenue from oil occasioned by the fall in crude oil prices in the international market.

According to him, the drive to continue to promote and encourage the growth of the manufacturing sector informed the recent move by the State Government to approve the commencement of the Harmonised Inspection of Factories in the State in addition to its already existing 24/7 economy among other business-friendly incentives being offered to potential investors.

“We have predicated our development plans on four parameters comprising economic development, infrastructure development, development and security and sustainable environment,’’ he added.

He promised that the state government will continue to address the issue of improved business environment through provision and application of factors that are within its mandate, stressing that ‘we must start developing strategies that will reposition the sector to produce goods that will be competitive in the global market’.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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