Nigerian Economic Summit Group has proffered solutions to develop industrial policies and sectoral plans for economic growth.
The NESG said this was crucial actions by the federal and state governments to prioritise growth in the economy.
In its 2021 Macroeconomic Outlook report, titled ‘Sectoral Reforms and Investments in Nigeria: A focus on the Manufacturing Sector’, the NESG identified the manufacturing sector as one of six sectors that have the potential to create jobs and reduce poverty in Nigeria.
According to them, for the sector to grow, private investment would play a major role, stating that actual investments in manufacturing are realised when there is an intersection of market opportunities and government support.
The report stated that Nigeria’s reliance on imports, its large market and the coming into effect of the African Continental Free Trade Area agreement, present a huge opportunity for investment in the manufacturing sector, especially in areas such as agro-processing and light manufacturing.
It stated that developing Nigeria’s manufacturing sector is the solution to Nigeria’s foreign exchange problems as the sector has the potential to create jobs and lift millions of Nigerians out of poverty if the government addresses the current economic challenges.