Nigeria charting a clear path toward industrialisation, says Wale Edun

Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has declared that the country is once again charting a clear path toward industrialisation, after decades of economic stagnation following independence.

He made this known while speaking at the African Sovereign Investment Forum (ASIF) hosted by the Nigerian Sovereign Investment Authority (NSIA) in Abuja on Monday.

Edun declared: “We all know our founding fathers at independence had a vision. They moved from politics to focus on the economy. But it stalled — that’s the word I’ll use.

“In Nigeria, industrialisation had stopped. But today, we are about to have 1.2 million barrels per day of crude refining capacity. We again have petrochemical complexes producing raw materials for the chemicals, paints, textiles, rubber, and building materials industries, and of course fertiliser for agriculture.”

“This is the road to industrialisation,” he added, “the road to value added domestically that will make building factories and investing in Nigerian and African production attractive — not just to local producers, but also to the rest of Africa,” the Minister stated.

Edun emphasised the need for capital mobilisation at scale, regional and continental collaboration, and human capital and policy alignment as the three key pillars for Africa’s future prosperity.

“You can’t do anything without capital — capital is the key,” he said. “We must reach scale in mobilising blended capital platforms that can absorb institutional funding from across the world.”

He stressed the need to create the right environment for private sector participation:

“One of the particular aspects we must succeed in is convincing even ourselves, our authorities, that the private sector is where the real money is. And if you are going to attract private sector investors, then you have to meet their terms. You have to have the philosophical mindset that makes conditions amenable for the private sector.”