Nigeria Back on Path to Industrialization
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced on Monday that Nigeria was once again on the path to industrialisation, after years of economic stagnation following independence.
Speaking at the African Sovereign Investment Forum (ASIF) hosted by the Nigerian Sovereign Investment Authority (NSIA) in Abuja, Edun expressed optimism about the country’s future economic prospects.
According to Edun, Nigeria’s founding fathers had a clear vision for the country’s economy, but it stalled after independence. However, with the current efforts to boost industrialisation, the country is poised to make significant strides.
“We are about to have 1.2 million barrels per day of crude refining capacity, petrochemical complexes producing raw materials for various industries, and fertiliser for agriculture.
“This is the road to industrialisation, the road to value-added domestically that will make building factories and investing in Nigerian and African production attractive,” he said.
Edun identified three key pillars for Africa’s future prosperity: capital mobilisation at scale, regional and continental collaboration, and human capital and policy alignment.
He stressed the need for significant capital mobilisation, saying, “You can’t do anything without capital – capital is the key.”
He also emphasized the importance of creating an environment conducive to private sector participation, noting that “the private sector is where the real money is.”
The Minister praised the efforts of the Nigerian Sovereign Investment Authority (NSIA), saying, “I’m very proud of our own Nigerian Sovereign Investment Authority. It has played a crucial role in capital mobilisation, positioning itself as a leading capital provider and a trusted gateway for global investors seeking high-impact opportunities in Nigeria and across Africa.”
Edun also highlighted several innovative projects spearheaded or supported by the NSIA, including the Green Guarantee Company, the world’s first climate-focused guarantee institution, and the Chapel Hill Denham Nigerian Infrastructure Debt Fund, Nigeria’s first and largest infrastructure debt fund.
He also cited collaborative initiatives such as the World Bank’s 300 Initiative, which aims to direct substantial capital into underserved communities through distributed renewable energy platforms.
The Minister’s declaration has sparked optimism among economic experts and stakeholders, who see Nigeria’s renewed focus on industrialisation as a significant step towards economic growth and development.
With the country’s vast natural resources and growing population, Nigeria is well-positioned to become a major player in the global economy. As Edun noted, “This is the road to industrialisation, and we are committed to making it a reality.”
