Expert Makes Case For Resource-Based Industrialisation

An industrialist and member of the Manufacturers Association of Nigeria (MAN), Rivers/Bayelsa States, Jacobs Tobin has called for continued support for resource-based industrialisation programme that will drive the economy of the nation.
He said this resource-based industrialisation programme would involve the utilisation of the country’s abundant natural resources in producing goods needed in the country.
Tobin, who made this known to journalists at the Port Harcourt International Airport, Omagwa, noted that this programme would be a more sustainable and enduring form of industrialisation, compared to the import dependent industrialisation which has hitherto been practised in Nigeria.
“It will save the country a lot of foreign exchange currently used in importing raw material and free funds for government development projects.
“There should be a consultation with the monetary policy committee to find ways and means of lowering interest rate to prevent the economy from being choked and the rate of recovery being slowed down”, he said.
The industrialist also called for deepening of the on-going backward integration efforts in the agricultural sector to catalyse more industrial input supply from the sector.
He canvassed the need to effectively implement the newly resuscitated Export Expansion Grant (EEG), adding that this entails observing all the provisions in the new guideline, towards encouraging more production and export of manufactured goods, to boost foreign exchange earnings to the economy.
Tobins also emphasised the need to continue to develop industry-support infrastructure to-fast- track the nation’s industrialisation efforts.

Corlins Walter