By Dr. Olaniyi Opanuga, PhD, FNIPM, FCIAM, FIMC, CPSOCOM, COPOM(c) 

To ramp up Nigeria’s gross domestic product (GDP) and gross national product (GNP) we need to increase local production and encourage professional production management so that productive resources can be optimized for increased national productivity.

We can only create employment and wealth, reduce poverty and stimulate economic growth when the industrial sector expands given adequate incentives and enabling environment.

In a situation where companies shut down their factories at an unprecedented rate it shows something is wrong with our industrial plans, policies and strategies both at the Federal and State Government levels. It is a sign of worsening economy and an indictment on the part of the government that is supposed to create an enabling environment for production to thrive.

Poor infrastructure, high level of insecurity, high energy (power supply and diesel) costs, excessive and multiplicity of taxation from various government agencies at the federal, state and local government levels, incessant power outages and corruption are some of the challenges facing manufacturing, construction, oil and gas, agricultural, mining and service industries in Nigeria.

The nation’s inability to achieve balance of payment parity, increase foreign exchange earnings from export, diversify its economic base, boost trade and investment and maximize its potential can be linked to lack of leadership vision, political will and commitment.

How do we attract genuine local and foreign investors when we are yet to fix the basic problems of business environment in Nigeria? Next, we shall discuss the solutions…………….