Economic Evolution: Industrialisation and Trade Policies in Nigeria
Every advanced economy is an indication of an industrialised economy as industrialisation is a catalyst for growth. In Nigeria, industrialisation has been at the centre of our governmental policies, we have thus far journeyed from the Agro commodity-based economy towards an industrialised economy with a bid to modernise and diversify into other areas.
However, Nigeria has dwelt so long, if not too long, on her dependence on crude oil to solely aid her economic growth, which globally is currently encountering a depreciation in its value.
There is an urgent need for the country to truly diversify and engage in the exportation of high complex products in the international market which would yield more revenue which in turn supports and result in growth of the country’s economy.
Currently, even as the world is shifting into full view of the reign of technology, our policies should ensure to catch full glimpses of this technological ray. Technology should be viewed as an enabler, as the real work of technology is to enable the ecosystem. Hence, policies which would end up driving out investors and prevent them from establishing their companies in Nigeria, not just their subsidiaries, should be totally avoided.
The government and its regulators should ensure that the private sector is involved in technological advancements, which in turn brings about economic growth. They should not be drowned by a multitude of regulations that constrain them to function effectively but rather act as a guide in ensuring consumers are not thrown into tight corners.
- All the issues arising and the possible future ahead for our dear nation were extensively discussed at the webinar organised by Commercial Law Development Services held on Thursday, July 16, 2020, titled “Economic Evolution: Industrialization and Trade Policies in Nigeria”.
