Economist and former Minister of Finance, Dr. Kalu Idika Kalu; the Obi of Onitsha, Igwe Nnaemeka, Alfred Ugochukwu Achebe; Minister of Budget and Economic Planning, Atiku Bagudu, and others, have urged the Federal Government to revise its industrial policies to one that is more valuable to protect local industry.

An economist, Dr. Charles Ugwu, who spoke at the book launch, titled “Nigeria Tariff and non-Tariff Policies and Impact on Industrial Development,” yesterday, in Lagos, insisted that Nigeria must rethink its import substitution policy.

He said: “The effort to transform Nigeria from basically agricultural to export-oriented dawned on the nation to rethink its industrial policy in the 1960s and 70s. That transformation led to a policy I am surprised still subsists today. That is import substitution industrialisation.

On his part, Bagudu said the central message of the book was that there are choices that countries have made to achieve development.

He said Nigeria was not different, adding that the country has to make those choices and the sooner it makes them, the better.

Bagudu said: “There was an attempt to do so in the past but it was not sustained. So, the courageous effort that Bola Ahmed Tinubu is leading is a step in the right direction. We have to develop a critical mass of support to sustain reforms so that we can achieve what other countries have achieved.”

Chairman of the event, Achebe, said despite experimenting with several types of government, Nigeria is still on downward trends.

Achebe said the argument Kalu presented in his book still remains relevant today, adding that it was probably the reason why he is moved to represent it with current data and that current data did not invalidate those arguments he has.

The book reviewer, Prof. Ayo Teriba, said the author gave Nigeria a book on tariff and trade.

“So, the challenge for my generation and the generation that is coming after us is to give us the same compelling narratives as you might find in a book like this for the digital evolution and how Nigeria can gain a foothold in a revolution that cannot stop.”

Author of the book, Kalu, who is a former World Bank economist, said the book was to remind all Nigerians of the basic issues they have been discussing for the last 50 years.

He said it was to refresh minds about the issues that have limited the nation from attaining its real potential.