“Nigeria must look inward to fund industrialization” – Business – The Guardian Nigeria News – Nigeria and World News

Industrialization. Photo: PIXABAY

Industrialist Dr Caesar Osaheni Iyayi called on President Muhammadu Buhari to use his powers and functions to encourage Nigerians to focus on the manufacturing revolution, adding that the country must look inward to finance industrialization .

According to Iyayi, we need to develop the industrial capacity to use our raw materials to make whatever we consume. We cannot keep doing the same thing and expect a different result.

The allure and lucid strategies to transform the country into an industrialized nation are contained in his soon to be published book – “The ABCs of How to Industrialize Nigeria”.

The book highlights a step-by-step method on how the federal and state governments can mobilize the indigenous Nigerian private sector to industrialize the country.

As stated in the book, the country has everything it takes to transform its economy from an agrarian manufacturing leviathan to an industrial leviathan in less than 10 years. What is needed is the absolute commitment of the incumbent president and the governors.

Noting that there is no country in the world that has been industrialized by foreigners, the author asserted, “We must look within the sources of funding for the industrialization of our country. In this regard, you don’t have to worry about how to raise a budget for this inherently national enterprise. Nigerians at home and abroad, with the appropriate encouragement and support from federal and state governments, can finance industrialization. “

Continuing, he said: “Mr. Mr. Speaker, when I speak of transforming the Nigerian economy from an agrarian economy to an industrial manufacturing powerhouse, I am not calling for any new scientific discovery. In fact, all we have to do, just like what China has done, is copy and replicate the existing manufacturing methods. We are fortunate to have all the benefits that over 90% of our counterparts are looking for in vain. For example, we have natural gas.

“The first thing we need from your office is permission for Nigerian companies to tap gas for free at the flaring point. After that, you need to encourage and support Nigerian companies to buy mobile electric gas turbines to generate electricity for industrial manufacturing at the point of gas flaring source. This is very because, what you really need to start industrial manufacturing is electricity.

“Then you will need to encourage Nigerian companies, for example, to import plant and equipment for the industrial manufacture of solar panels, glass, computer chips, semiconductors, and deep-cycle lead-acid batteries that can be used. made from our locally available sand, quartz. and lead. ”

According to him, the manufacture of the aforementioned products makes sense because we have a lot of gas that we burn to waste, we have an endless supply of sand, quartz and lead. Add to that, we have a huge demand for solar panels and lead acid batteries that we are currently importing from industrial manufacturing countries. Because we do not have the manufacturing expertise, we will employ expatriates to oversee the production process.


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