Industrialization in Africa has always been a topic on the menu of almost every gathering that concerns business development globally.
Today, an expert in the financial sector gives two reasons why Nigeria, and Africa in general, is yet to experience the full benefits of advancing in this area.
A Principal Private Sector Specialist, African Development Bank, AfDB, Mr Emmanuel Akinwunmi, revealed that Infrastructure and Competitiveness are two major factors hindering the industrialization process in Africa.
On Friday, the expert made this observation at the Nigeria Industrialisation Summit, during the inauguration of the Local Organising Committee, LOC, in Abuja, organized by Madewell Garment Ltd., in collaboration with the Ministry of Finance, Budget and National Planning and AfDB.
Industrialization in Africa
He pledged the bank’s commitment to continue supporting industrialization initiatives through strategy, which involved agribusiness, special agricultural processing zone, and others.
Akinwunmi decried the high importation of textiles and garments in the country, adding that government needs to consider the local production and patronage of the industry to revert the over-dependency on foreign clothes.