Current Research - Understanding the Dynamics of Buhari-Led Industrial Revolution in Nigeria

 One of the key pillars of President Muhammadu Buhari’s covenant with the electorate is a promise to engender true and sustainable development through focused pursuit of a revolutionary programme of economic diversification, reduced import/consumption dependence and robust domestic production entrepreneurialism.

 

For an economy whose foreign exchange earnings and government revenue are largely dependent on its oil income, this fascination with diversification agenda is quite easy to understand. Furthermore, stimulating local production activities is not only needed to overcome the scourge of consumption and import dependency culture that the country seems to have trapped itself into, but to also create badly needed jobs for the teeming population of its unemployed youth.

 

Barely three years down the line signs that expectations are being met and an industrial revolution is quietly underway are becoming visible across some major sectors. For the first time in a long time, foreign exchange income from agricultural exports valued at US$105 billion in 2016 surpassed the US$99 billion (2011) which is the highest income the country ever earned from oil sales in a single year (Adeniyi, 2017). The innovative (Lagos-Kebbi) LAKE Rice Project along with other initiatives has also helped the country cut its rice import bill by as much as 50% in 2016.

 

Reinforcing all these is the fact that since 2015 the agricultural sector has been attracting significant level of investments. The WACOT Rice Mill Plant valued at about US$10 billion was commissioned in Kebbi in 2017. It is reputed to be the largest parboiled rice mill project in Africa. In the same year, The Olam Group, a leading multinational agri-business operating in more than 70 countries committed over US$150 million to the setting up of a livestock feed and hatchery plant in Kaduna. It was commissioned by the President in September, 2017 and reputed to be potentially capable of directly and indirectly creating between 150,000 and 200,000 rural jobs. When these are considered alongside other micro and medium scale investments taking place in the sector, the message appears to be that the good old days of agricultural businesses are gradually returning back.

 

The manufacturing sector performance is driven largely by fertilizer production. Through a model of development that includes partnership with Morocco and key Nigerian States and private sector actors about 11 dying fertilizer plants were reactivated and local production resuscitated. The result is not only that Nigeria now boasts of producing fertilizer at a highly competitive price (indeed, 30% lower than previous prices in 2017), it has also done away with the N50 billion annual fertilizer subsidy supports for farmers. These are in addition to about 50,000 direct and indirect jobs that were created and added to manufacturing employment during the period (Osinbajo, 2017).

 

For experts in the development community, this revelation calls for a need to have deep understanding of the dynamics of transformation taking place in the economy. Some of the specific questions requiring informed responses here include:

 

  1. What are the drivers of growth momentum observed in these performing sectors?
  2. Why are other sectors that are equally in the radar of the regime’s revolutionary agenda not showing much signs of progress like their counterparts?
  3. Are there lessons to be learned from the experiences of the ‘performers’ that can be used to replicate growth in the other sectors?

These and other issues are what we propose to address in this exercise.

Contact:

Omoniyi - 08061272446; Auwal - 08032409638

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Current Research - Understanding the Dynamics of Buhari-Led Industrial Revolution in Nigeria

22 March 2018

 One of the key pillars of President Muhammadu Buhari’s covenant with the electorate is a promise to engender true and sustainable development through focused pursuit of a revolutionary programme of...

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