Nigeria’s GDP growth must be around 8% to achieve $1trillion economy by 2030 —Enoh

.Says economic growth unachievable outside industrialisation
.To unveil new national industrial policy, this month

The Minister of State for Industry, Trade and Investment, John Owan Enoh, has said Nigeria  must  raise its  Gross Domestic Product (GDP)  from the present figure of over 3 percent to around 8 percent, to enable it to achieve its dream of a $Trillion economy, by 2030.

Enoh stated this at a media session, announcing the forthcoming  West Africa Industrialisation, Manufacturing and Trade Summit and Exhibition, in Lagos.

The Minister also noted that achieving a Trillion Naira Economy, and becoming an industrial hub, by Nigeria, would also not come into fruition, if the  government is not intentional in its plans at achieving them.

He believed  it has become imperative for the country to embrace industrialisation, to enable it cope with its projected population of over 400m population, in the next few years.

According to him, the Federal Government, in addition to the various interventions it had done for MSMEs and manufacturing sector in the past,   would be unveiling a  new National Industrial Policy, this month, September, as part of its efforts towards industrialization.

The new National Industrial Policy, he stated, would identify the key challenges,  such as: Energy, Finance, Regulation and lack of basic skills, facing industrialisation in the country, with the aim of addressing those  challenges, and finding pathways.

He also expressed the belief that for the country to  achieve industrial growth, it must develop a strategy for effectively managing its raw materials.

The Minister added that, despite some push backs, a bill is presently being legislated upon, on the floor of the national assembly, to  make it compulsory for raw materials, being packaged for exports, to have at least 30 percent value addition.

“Nigeria can not continue a tradition of exporting raw materials, indiscriminately, without some value additions.

“We must begin to think of what it will take us to achieve the $1Trillion economy that Mr. President promised.  Are we going to achieve that with  this 3 percent GDP growth?  For us to achieve this, the GDP must be between 7 to 8 percent.

“Government is trying to push for industrialisation,  despite several constraints, because we know that no country can achieve economic growth without industrialisation. Those Western countries  that we see today, achieve economic growth because they are industrialised,” he stated.

While commending the organisers of the Summit, expected to hold in October, this year, for providing a platform for industries and manufacturers in the West Africa sub region to showcase their products, the Minister also advised industry  operators, within the sub-region, on the need to look inwards, to enable the sub-region achieve the much-needed industrial growth.

“Our salvation does not depend on the West. It does not depend on their capital cities, but our own cities. It will depend on how much industrialisation  we are able to achieve in the sub-region, and the continent, to really achieve this economic growth, “Enoh added.

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