Ambode advocates economic diversification through industrial policy

Lagos State Governor, Akinwunmi Ambode has insisted that diversification of the economy through a well designed industrial policy is imperative in order to totally revamp the nation’s economy.

Speaking at the 2017 Africa Industrialization Day/ Young African Industrialists week, which was held in collaboration with Technology Incubation Centre, in Lagos recently, he noted a good industrial policy would facilitate job creation, self sufficiency and overall economic development.

Represented by the Commissioner Ministry of Commerce, Industry and Cooperatives, Prince Rotimi Ogunleye, he also added that ‘the need to industrialize Africa and in particular Nigeria should therefore be at the front burner of our discussions and this must be backed by government policies, programmes and projects in collaboration with the organized private sector.’

According to him, “it is interesting to mention that this year’s celebration is taking place on the heels of the recent report which indicated significant improvement of our country on global ranking of ‘ease of doing business.

“This is an indication that the government within its power is doing everything to grow the economy. The task before government and all other stakeholders is to remain steadfast and committed to the implementation of policies, programmes and best practices that will accelerate the growth and development of the real sector”.

The Guest lecturer, Vice chancellor University of Lagos, Prof Oluwatoyin Ogundipe noted that ‘Africa should look away from the aid abroad, rather, should look inward for the aid within: the aid from abroad is another psychological and economic neo colonization why our own AID (Africa Industrial Development) will engender psychological and economic liberation into wealth and sustainable development of African Nations and African people.’

Speaking on the theme: “Africa Industrial Development: A Pre-Condition for an effective and Sustainable Continental Free Trade Area”, he listed some benefits of trade integration as: assisting Africa to achieve Sustainable Development Goal nine; boosting productivity, encouraging technological development, generating employment, providing avenue for human capital developments and ensuring social stability and economic competitiveness.

“Enhancing the ability of Africa to build solid foundation for sustainable wealth and prosperous society; provision of cultural and political benefits among nations in Africa; making Africa a bigger player in the global value chain to achieve economies of scale, wealth and prosperity and improving its economic competitiveness”, he stated.

On his part, the Special adviser to the governor on Commerce, Hon Benjamin Olabinjo stated that ‘Lagos State government is aware of the needs and challenges of industrialization and it is the very reason it has continuously keyed into the programmes that are capable of boosting the contributions of the private sector and creating conducive business environment . The government has consistently supported the micro, small and medium enterprise (MSME) by devoting an annual fair to them to exhibit their skill, creativity and innovations.’