According to a new report by the Overseas Development Institutes, ODI, the share of manufacturing in Gross domestic product (GDP) in Nigeria at 10%, is below the average of sub-sahara Africa.
The report also revealed that investment rates at 15% of GDP are well below any reasonable comparators.
In a paper presentation, titled: ‘Supporting Economic Transformation in Nigeria’, held in Abuja on Tuesday, the report found that the promotion of quality growth, economic transformation, enabling business environment and trust, remains the crucial vehicle in tackling the recurrent unemployment and economic woes of the country.
According to one of the Director/Authors, SET (ODI), Dirk Willem teVelde, while presenting the report, the current economic conditions force, said Nigeria needs to double its efforts at economic transformation.
“Business as usual is not going to generate the large increase in productive employment that the country needs.”
The analysis, drawing from the works of economic experts including David Booth, Danny Leipziger and EbereUneze indicates that when compared with other countries experience, successful transformation has been supported by a co -ordinated push through a central agency or ministry pursuing a path of change based on competitiveness and openness.
Willem said: “Nigeria has the opportunity to show it is serious about economic transformation and promote a number of carefully selected projects which will demonstrate that progress in export -oriented transformation can be made, contributing to a shared vision of change.”
“The new government plans could deliver change if they are designed and implemented with a new orientation in mind. But, Weak oil prices and low economic growth have made economic development in Nigeria the key priority area for national policy, only a significant shift from focusing on the domestic economy alone and better coordination of national development towards nation-building around competitiveness and openness has any chance of realising this opportunity, says the report.
The report stressed that the business -as-usual attitude of government and private individuals will not Safeguard productive jobs for the future and will not in addition reduce poverty significantly, adding that efforts to achieve economic transformation in Nigeria require a completely different approach.