President of the Dangote Group Aliko Dangote has said that the private sector is key to the much touted industrial revolution, adding that his conglomerate is leading Nigeria into the new epoch through massive investment in the manufacturing sector and skill development.
This is one the fallouts of the panel of discussion at the ongoing Nigerian Economic Summit in Abuja Monday.
He said the theme for this year’s Economic Summit, Nigeria 2050: Shifting Gears, is apt, as Nigeria has to drive on the fast lane of industrialization.
The title of the session was, Competing with the Giant: Achieving Rapid Industrialization, transforming education.
Dangote, who was represented by the company’s Group Executive Director, Government and Stakeholder Relations, Ahmed Mansur said Nigeria and indeed Africa must take bold steps to change the narrative of industrial backwardness.
He described as unacceptable the contribution of the manufacturing sector in the country to the GDP, which currently stood at 9%, unlike in the Asian countries which stood at about 30%.
“To achieve a significant level of industrialization, this trend must be reversed,” he said.
Mr. Dangote said where there is will, there is way, adding that with the right policy framework, consistency and infrastructural development, the goal can be achieved.
“Dangote is in the business of producing and distributing cement, foods etc. However, we have found ourselves engaged in power generation, road construction etc as these are critical foundations for our businesses,” he added.
He said his company was already leading Nigeria into the 4thindustrial revolution, adding that: “Once we catch up with 2ndindustrial revolution, our entrepreneurial youth can help us leapfrog to the 3rd and 4th. This is what happened with the IT revolution in India.”
Speaking also, Chairman of the Economic Advisory Council, Dr Doyin Salami, the country will require innovation and the private sector must play a central role for the radical transformation of the Nigerian economy.
