Key points
- A policy think tank proposed creating the Nigerian Green Energy and Chemicals Corporation to accelerate Nigeria’s industrialisation.
- The group said formalising the informal economy and processing strategic minerals could help Nigeria reach a $1 trillion economy within five years.
- The proposal seeks to boost exports, strengthen the naira and create jobs through value addition.
Main story
The Galadiman Ruwa Centre for Strategic Leadership and Communication (GCSLC/IT) has proposed the establishment of the Nigerian Green Energy and Chemicals Corporation (NGECC) as part of a strategy to help Nigeria achieve a $1 trillion economy within 60 months.
The Chairman of the centre, Jaafaru Sa’ad, made the proposal in an open letter to President Bola Tinubu, a copy of which was made available to the News Agency of Nigeria on Tuesday in Zaria.
Sa’ad said the proposed corporation would process Nigeria’s coal resources into synthetic graphite, advanced carbon materials and silicon composites used in the rapidly growing artificial intelligence industry and other advanced manufacturing sectors.
According to him, the initiative would shift Nigeria from conventional coal utilisation to value-added industrial processing, increasing export earnings, strengthening the naira, supporting industrialisation and improving the country’s long-term competitiveness.
The proposal, titled “The 60-Month Sovereign Acceleration Matrix,” outlines structural reforms aimed at enabling Nigeria to attain a $1 trillion economy within five years, instead of projections that place the target at about 14 years.
Sa’ad said the strategy is built on two key pillars: formalising the informal economy and establishing the proposed Nigerian Green Energy and Chemicals Corporation to unlock the value of Nigeria’s strategic mineral resources.
He said research conducted across more than 200 communities identified millions of traders, artisans and entrepreneurs operating outside the formal economy, adding that bringing them into the formal sector would significantly expand economic output and financial inclusion.
According to him, formalising about 50 million informal-sector operators would increase Gross Domestic Product, reduce poverty, create sustainable opportunities for women and young people, and broaden Nigeria’s tax and revenue base.
Sa’ad also said growing global investment in artificial intelligence infrastructure presents Nigeria with an opportunity to earn more foreign exchange through value-added exports of critical industrial materials.
He urged the Federal Government to adopt bold structural reforms to accelerate economic transformation and expressed the centre’s readiness to collaborate in advancing Nigeria’s digital and industrial development.
The issues
Nigeria continues to pursue policies aimed at expanding its economy beyond oil. The proposal argues that formalising the informal sector and adding value to the country’s mineral resources could accelerate industrialisation, increase export earnings and diversify sources of economic growth.
What’s being said
“The proposal rests on two strategic pillars: formalising the informal economy and establishing the Nigerian Green Energy and Chemicals Corporation to unlock the value of Nigeria’s strategic mineral resources.” — Jaafaru Sa’ad, Chairman, GCSLC/IT.
“Formalising about 50 million informal-sector operators would boost the Gross Domestic Product, reduce poverty, create sustainable opportunities for women and youths, and broaden the country’s tax and revenue base.” — Jaafaru Sa’ad.
What’s next
The proposal is expected to contribute to discussions on Nigeria’s long-term economic strategy, with the Federal Government left to determine whether any of its recommendations will be considered for implementation.
Bottom line
The think tank argues that combining informal sector reforms with value-added processing of Nigeria’s mineral resources could significantly accelerate the country’s journey toward a $1 trillion economy.
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