During a recent U.S.-Nigeria Business Council webinar, experts noted that Nigeria must shift its focus away from oil and instead prioritize Investment in Agriculture and Manufacturing to generate employment opportunities for its expanding population. Additionally, experts have recommended the encouragement of entrepreneurship and the provision of sufficient aid for new businesses, along with the establishment of a nationwide credit program to facilitate access to affordable loans for Nigerian citizens. This viewpoint was shared by all the experts who presented their perspectives at the event.
It was discussed that with the implementation of appropriate policies and actions by the government, the Nigerian Economy would thrive without relying on oil by promoting growth in alternative job-generating industries. Speaking at the event themed ‘Job Creation in Nigeria – A Closer Analysis of Strategies and Methodologies that Give Results’, Chizoba Nnamchi, managing director of Nibiru Industrial Company Limited, emphasized the importance of exploring different economic sectors to generate employment opportunities for Nigeria’s growing youth population.
Nigeria should promote value addition to boost economic growth.
To stimulate job growth, Nnamchi opined that implementing a variety of strategies including expanding the economy’s scope, fostering development in industries such as agriculture, manufacturing, and services, and decreasing reliance on oil is crucial. Nnamchi said Nigeria needs to boost Infrastructure for transportation, energy, and telecommunications in order to entice businesses capable of generating employment opportunities. Additionally, he advocated for the advancement of entrepreneurship and emphasized the need for sufficient funding to support start-ups and MSMEs in implementing mentorship and training initiatives, all aimed at bolstering job creation within the economy.
Nnamchi also mentioned that it is crucial for the nation to encourage private collaborations and establish effective policies aimed at enhancing the business climate in order to attract foreign investments. Moreover, they should focus on improving the farm-to-table value chains and promoting value addition to boost Economic Growth and development, he said. In order to decrease Poverty in Nigeria, it is crucial for the government and private sectors to work together to offer affordable loans to small business owners, ultimately creating more job opportunities for youth.
Drop in oil prices made diversifying the economy a necessity.
Kayode Aladesuyi, the founder and CEO of MYai Robotics, advocated for government-provided affordable loans for those with average-income earners. He further elaborated that the implementation of this initiative had the potential to lift multiple Nigerians out of poverty. Aladesuyi highlighted the potential for Nigeria to combat poverty by making cars and houses more accessible to average-income earners through the use of affordable credit, similar to how it is done in the United States. He called for support for the government’s proposal for a nationwide credit program for all Nigerians.
He emphasized Nigeria’s position as a prominent country in West Africa and urged for the country to utilize this advantage to boost its economy. Promoting a more balanced economy in Nigeria, shifting away from heavy dependence on Revenue from the Oil and Gas Industry, has long been a goal of various Nigerian administrations. The current economic challenges stemming from the drop in oil prices have made it clear to policymakers and all involved that diversifying the economy is no longer just a choice, but a necessity to promote the country’s economic growth.
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Moreover, it is crucial to focus on enhancing Economic Diversification in order to bring about structural changes, protect the local economy from external shocks, and increase growth while creating job opportunities. The development of advanced and effective infrastructure is essential for fostering diversification and Economic Expansion. It is worth mentioning that President Tinubu’s administration has been initiating policies towards diversifying the country’s economy and is committed to leveraging the industrial sector to diversify the economy. As per reports, this diversification endeavours would focus on areas in which Nigeria has comparative and competitive advantages such as the oil sector.
