It is beyond doubt that the Nigerian economy is deeply distressed and needs urgent interventions.
Revamping the economy requires synergy among all the levels of government to among other things create employment opportunities, generate wealth and reduce multidimensional poverty ravaging the entire landscape of the country.
Industrialization and manufacturing are the basis for economic growth and development the world over. In the first republic, these factors were recognized and implemented which stimulated the massive industrial growth and development in the respective regions. The Regional Governments were far-sighted and leveraged on their natural resources to establish industrial hubs which expanded employment windows and enhanced the country’s Gross Domestic Product, GDP, improved foreign exchange reserve and balance of payments needed for the sourcing of raw materials for the industries and manufacturing hubs.
President Tinubu administration has been conscious of this fact and have put in place the macroeconomic necessities to attract both local and foreign direct investment to stimulate and resuscitate the distressed economy.
The fact remains that insecurity throughout the country has led to the closure of many industrial hubs and relocation of some of them to the neighbouring countries that have entrenched effective and efficient security infrastructure.
In Anambra state, Governor Chukwuma Soludo has effected pragmatic policies and programmes to pursue industrial revolution through multi-pronged approach, including mapping out land for a mix-use industrial and manufacturing hubs to provide vast opportunities for wealth creation and further reduce poverty and penury.
Anambra state is promoting small scale manufacturing schemes and other creative empowerment programmes including “One Youth Two-skill acquisition programme to equip youths properly for higher productivity which will among other things check restiveness.
Again, massive infrastructural development in the hinterlands encourages expansion of agricultural production which in addition to food security, also provides ready raw materials for emerging industries to accelerate industrialization.
For Nigeria to reinvent the industrial revolution that was the cornerstone of the economic growth and development in the first republic, there is need to have proper political structure which will prioritize resuscitation and revitalization of the moribund industries and manufacturing hubs.
The present lopsided structure has various constraints and severe negative impacts which cannot attract both local and foreign investors.
For instance, the pervasive and intractable insecurity throughout the country needs effective and efficient solutions which will include decentralization of the national security architecture for a more proactive and responsive approach towards tackling challenges of insecurity.
In addition, the federal and state governments should equally make adequate budgetary allocations for provision of basic requirements for industrial growth and development including transport infrastructure like quality road network, modern rail system, water transport, urban housing program and functional water supply among others.
Industrialization will enable Nigeria to stimulate its economy, provide jobs and feed the teeming population as well as reduce crime and social vices.
