Peter Obi: Nigeria Must Shift From Consumption to Production as Manufacturing Trails Peer Economies

Former Anambra State Governor Peter Obi has called for a deliberate shift from a consumption-driven economy to a productive one, urging stronger government support and public-private collaboration to unlock Nigeria’s manufacturing potential.

Obi made the call during his visit to Lagos for the inauguration of the newly installed President of the Manufacturers Association of Nigeria (MAN), Dr. Eric Okoye, at the Oriental Hotel.

The former governor said his interaction with Okoye, former presidents of MAN and other members of the association reinforced his belief that Nigeria’s manufacturing sector has significant untapped potential.

According to Obi, appropriate government policies, a conducive business environment and stronger collaboration between the public and private sectors are critical to increasing the contribution of manufacturing to Nigeria’s economy.

“With the right government policies, an enabling business environment, and stronger collaboration between the public and private sectors, Nigeria can significantly increase the contribution of manufacturing to our GDP,” Obi said.

He cited figures showing that manufacturing accounts for about 7.5 per cent of Nigeria’s GDP, compared with approximately 14 per cent in Egypt, 15 per cent in Morocco, 25 per cent in Vietnam, 19 per cent in Indonesia and 20 per cent in Bangladesh.

Obi said the comparison underscored the need for Nigeria to strengthen its productive capacity and create an economy capable of producing goods, generating employment and competing effectively in international markets.

“We must therefore deliberately move from a consumption-driven economy to a productive economy, one that produces, creates jobs, adds value and competes successfully in the global market,” he said.

He argued that a stronger manufacturing sector would have broad economic benefits, including increased employment, higher productive capacity, reduced dependence on imports and stronger export performance.

“A stronger manufacturing sector will expand employment opportunities, strengthen our productive capacity, reduce our dependence on imports, increase exports, and improve the standard of living of our people,” Obi said.

Obi also congratulated Okoye and the new leadership of MAN, wishing them a successful tenure and expressing his intention to maintain engagement with the manufacturing community.

He said continued collaboration with manufacturers and other private-sector stakeholders would be important in efforts to build what he described as a more productive and prosperous Nigeria.

The inauguration of Okoye marks a new phase in the leadership of MAN, with the association representing manufacturers and advocating policies affecting Nigeria’s industrial sector.

Obi concluded by reiterating his optimism about Nigeria’s economic prospects, saying: “A New Nigeria is possible.”

#AnambraDaily #PeterObi #ManufacturersAssociationOfNigeria #MAN #EricOkoye #NigeriaManufacturing #NigerianEconomy #MadeInNigeria #Industrialisation #EconomicGrowth #JobCreation #Exports #Anambra #NigeriaNews