Why Nigeria’s Industrial Dev Is Slow –UNIDO

The United Nation Industrial Development Organisation (UNIDO) yesterday attributed Nigeria’s slow pace development to inconsistency in the country’s industrial policy.

UNIDO Country Representative in Nigeria, Dr Patrick Kormawa, stated this in an interview with newsmen in Abuja.

Kormawa said that Nigeria’s over-dependence on export of raw materials would not enhance development, adding that dependence on export of finished product was a major key to economic development.

He said that Nigeria had over the years focused on export of raw materials, especially oil, without focusing on non-oil sector such as industry and agriculture.

“Nigeria did not address fundamental constraints to competitiveness; as a result of this businesses crumbled and products were rejected,” he said.

Kormawa also blamed the problem on lack of a well defined trade policy that was integrated with a clear investment policy and a detailed industrial policy plan.

“No country in the entire world can thrive by depending on exportation of raw materials rather than exporting finish products.

“The more a country specialises in the production of raw materials which, of course Africa has found itself in, the poorer it becomes.

“The Europeans and Americans have developed through value-added activities not by exporting oil or agricultural commodities but by making and doing things.

He pledged the commitment of UNIDO to offer necessary support that would enhance diversification of the nation’s economy by boosting trade and investment through public- private initiatives.

He said that UNIDO had concluded plans to set up quality infrastructure in Nigeria to facilitate international trade and competitiveness in international markets for Nigerian products.

Kormawa said that the project, if fully executed, would help to reduce rejection of made in Nigeria products due to low quality.