Lack of Infrastructure Hampers Industrialisation In Africa – AfDB

321
Lack of Infrastructure Hampers Industrialisation In Africa – AfDB

Mr Emmanuel Akinwunmi, the Principal Private Sector Specialist, African Development Bank (AfDB) says industrialisation process in Africa is hampered by lack of infrastructure and competitiveness.

Akinwunmi made this observation at inauguration of the Local <span;>Organising Committee (LOC) on the Nigeria Industrialisation Summit, on Friday, in Abuja.

The summit is being organised by Madewell Garment Ltd., in collaboration with Ministry of Finance, Budget and National Planning and the African Development Bank.

He pledged the bank’s commitment to continue to support initiatives on industrialisation through strategy, which involved agribusiness, special agricultural processing zone among others.

READ ALSO:   AfDB Signs $500m Credit Insurance Deal

Akinwunmi decried the high importation of textiles and garments in the country, adding that local production and patronage of the industry to revert the over dependency on foreign garments needed to be addressed.

“The AfDB is advocating that whatever you produce, you process and sell locally,’’ he said.

Chief David Iweta, the Chairman, Madewell Garment Ltd., said the Nigeria Industrialisation Summit would unlock potential embedded in agro-agric.

READ ALSO:   Covid-19 Concerns: AfDB Approves New Five-year Strategy For Nigeria

He said the summit, scheduled to hold in Abuja, from Nov. 23 to Nov. 30, had as its objective to move 100 million Nigerians out of poverty by 2030.

Iweta said it would attract investors globally and position Nigeria for international capital flows toward the development of the Special Agro Processing Zones initiative of the AfDB.

He explained that the summit being based on Nigeria’s Economic Growth and Sustainability Plan would dwell on “how to feed, cloth and house Nigeria’’, designed as a solution to unemployment, poverty and insecurity.

READ ALSO:   AfDB President, Adesina Speaks On VP Jennifer Blanke's Resignation

According to him, the project which will have its pilot scheme in Delta state at Jesse Export Processing Zone and Anchor (JEPZA) is projected to engage 300, 000 workers in the development of garment and textiles projects.

“It will also look into massive housing development, transportation and logistics, development of livestock, goat diary, fishery, cow meat and hides processing, oil palm and banana plantation and 25,000 pig value chain project, among others,” he said.

READ ALSO:   [Inaugural Speech] My Second Term Vision For Africa -- AfDB President, Adesina

He said that the project would equally train 20, 000 Information Communication and Technology (ICT) talents to drive the economy and industrialisation, while contract had been signed by two universities to actualise this.

The chairman said market such as the African Continental Free Trade Area (AfCFTA) and African Growth and Opportunity Act (AGOA) were being targeted for export.

The News Agency of Nigeria (NAN) reports that the committee was inaugurated by Prince Clement Agba, the Minister of State, Finance, Budget and National Planning, represented by Mr Aso Vakporaye, the Director, Economic Growth Department of the ministry.

READ ALSO:   Reprieve For AfDB As Extraordinary Support From Stakeholders Affirmed Fitch’s AAA Rating

The inaugurated committee comprises representatives from the Ministry of Finance, Budget and National Planning, Ministry of Industry, Trade and Investment, AfDB, Madewell Group, Nigeria Export Promotion Council, Nigeria Export Processing Zones Authority, among others.

The minister, while inaugurating the committee, said the representatives of the Ministries, Departments and Agencies (MDAs) were chosen in consideration of the roles which they played in the past in line with development.

READ ALSO:   AfDB To Invest $24bn In Agric

He advised that being very relevant to the proposed summit; they were expected to bring their expertise to bear to actualise its aim on national economic development.

Responding, Amb. Joe Keshi, Summit Advisor said the members of the committee would work diligently to meet expectations and equally implement ideas of past achievers for national development. (NAN)

Subscribe to Our VIP Newsletter

SHARE
Previous articleNARD Strike: Ngige Seeks Industrial Court Intervention
Next articleFG Rakes N117m From Lagos-Ibadan Railway In July
Hamilton Nwosa is an experienced, and committed communication, business, administrative, data and research specialist . His deep knowledge of the intersection between communication, business, data, and journalism are quite profound. His passion for professional excellence remains the guiding principle of his work, and in the course of his career spanning sectors such as administration, tourism, business management, communication and journalism, Hamilton has won key awards. He is a delightful writer, researcher and data analyst. He loves team-work, problem-solving, organizational management, communication strategy, and enjoys travelling. He can be reached at: hamilton_68@yahoo.com

LEAVE A REPLY

Please enter your comment!
Please enter your name here