Leaders from various sectors in Nigeria gathered in Lagos to discuss the path to economic growth and development in the country. They outlined a series of measures that need to be taken for Nigeria to become an economic powerhouse.
During the 14th edition of the BusinessDay CEO Forum, decision-makers from the private and public sectors deliberated on emerging opportunities and challenges faced by their organizations.
Akinwumi Adesina, President of the African Development Bank Group, delivered a keynote lecture titled “The Day the Lion Roared: Making Nigeria a global industrial and economic giant.” Adesina emphasized the importance of supporting the private sector to unlock wealth and prosperity for all Nigerians.
He highlighted the increasing number of Nigerians living in extreme poverty and the need to engineer an industrial revolution to unleash Nigeria’s potential. Adesina compared Nigeria’s manufacturing sector to that of Asian countries and stressed the importance of export-oriented manufacturing for economic growth.
Adesina also addressed the challenges facing Nigeria’s manufacturing sector, including the high cost and unreliability of electricity supply and the unpredictability and scarcity of foreign exchange. He called for infrastructure development, improved logistics, quality standards, and investment facilitation to unlock Nigeria’s industrial manufacturing capacities.
Ralph Mupita, Group President and CEO of MTN, emphasized the importance of building a digital economy in Nigeria to drive inclusion and growth across all sectors. He highlighted the opportunities in Nigeria’s digital economy and the need for infrastructure investments and digital skills development.
Governor Godwin Obaseki of Edo State identified Nigeria’s dysfunctional education system as a major challenge and emphasized the importance of developing talent and strengthening foundational learning.
Osagie Okunbor, Country Chairman of Shell Companies in Nigeria, discussed Nigeria’s energy resources and the need for an integrated energy strategy. He emphasized the resolution of challenges in the petroleum industry, security issues, fiscal incentives, and project delivery.
The leaders recognized the need for policy reforms, infrastructure development, investment promotion, and addressing various challenges to drive Nigeria’s economic transformation.
