Nigeria’s $1tn dream hinges on manufacturing — Coleman MD

George Onafowokan, Managing Director of Coleman Technical Industries Limited, asserted that Nigeria may realise President Bola Tinubu’s goal of expanding the economy to $1 trillion by 2030 if the government emphasises manufacturing, value enhancement, accessible financing, and dependable electricity supply.

Onafowokan contended that the administration’s economic strategy cannot rely solely on agriculture for transformation, since a robust manufacturing sector is essential for converting raw resources into completed goods.

He asserts that Nigeria should transition from exporting unprocessed resources to enhancing local value addition in order to generate employment, elevate exports, and stimulate economic development.

Manufacturing and agriculture are inextricably linked. We aspire to move beyond being mere exporters of raw materials. Transforming agricultural commodities like cocoa, palm oil, and shea butter enhances value, generates jobs, and fortifies the economy,” he stated.

He observed that governmental initiatives promoting local value enhancement are starting to produce outcomes, including investments in cocoa processing and a rise in exports of processed shea butter.

Onafowokan revealed that approximately $140 million has been allocated to a cocoa processing facility, while the exports of processed shea butter have surged considerably due to regulations mandating local processing prior to export.

He said that Nigeria’s non-oil exports rose from 17 percent to approximately 23 percent, crediting this enhancement to intentional budgetary strategies designed to bolster indigenous industry.

He conveyed hope on the administration’s economic reforms, emphasising that maintaining progress hinges on tackling critical issues confronting manufacturing, including the availability of affordable long-term financing and reliable electricity.