According to Alhaji Yusuf Abdullahi, Chairman and CEO of Emirate Mall Ilorin, Nigeria needs to implement a multi-layered, coordinated industrialization strategy in order to achieve its goal of becoming Africa’s economic superpower.
Abdullahi cautioned that if the nation’s enormous economic potential is not immediately addressed, disjointed policies and shoddy execution frameworks will continue to threaten it.
The entrepreneur stated that in order to promote equitable national development, industrial growth must be purposefully designed across all sectors and regions.
“A multifaceted approach that ensures industrial growth at various levels and across the country is necessary to realize the dream of turning Nigeria into an industrial hub that could lead Africa’s economic transformation,” he stated.
Despite Nigeria’s abundance of natural and human resources, he pointed out that a significant obstacle is the lack of a functional organization to turn these advantages into output.
“Deep structural weaknesses that impede the productive conversion of those resources into wealth and public welfare are Nigeria’s problem, not a lack of resources,” he stated.
Abdullahi emphasized that small and medium-sized businesses must be at the forefront of the nation’s industrialization movement, characterizing them as essential to the growth of the economy and the creation of jobs.
He advocated for specific economic measures that would encourage the expansion of businesses, such as tax breaks, regulatory changes, and access to reasonably priced finance.
He stated, “This could be in terms of start-up capital, low-interest loans with structured repayment plans, tax holidays, streamlined taxation, and duty-free importation of manufacturing equipment.”
Inadequate power supplies and inadequate road networks, in particular, are major obstacles to industrial growth, according to the business leader.
“It would astound you at the rate businesses would spring up and improve the macroeconomic status of Nigeria if infrastructure like electricity and good roads are available,” he continued.
He went on to emphasize that insecurity is a significant deterrent to investment, pointing out that numerous companies have either closed or reduced operations because of safety concerns.
“Security demands immediate and coordinated attention. It’s concerning how many companies have shut down and how many investors have pulled out due to uncertainty, Abdullahi said.
Despite current obstacles, he continued, Nigerians have a tremendous entrepreneurial spirit that, when properly utilized, could greatly accelerate economic progress.
He stated, “My experience has shown that Nigerians are willing to invest and build businesses, but many are constrained by rising costs and an unfavorable economic environment.”
Abdullahi clarified that the goal of his empowerment program, which gave craftsmen startup funding, was to combat unemployment and promote the growth of grassroots businesses.
He said that boosting local companies will lessen reliance on imports while also improving economic resiliency.
The businessman stated that his ventures, such as the Ilorin Emirate Mall, were intended to boost regional trade, generate employment, and draw capital to the state.
“Building platforms that support businesses, create jobs, and enhance the economic ecosystem is our goal,” he stated.
In order to promote sustainable industrial growth, he urged governments at all levels to give long-term economic planning and policy coherence top priority.
