Private Sector Operators Urge Incoming Govt to Make Industrialisation Flagship of its Economic Agenda

Dike Onwuamaeze

Members of the Organised Private Sector of Nigeria (OPSN) have tasked the incoming government to make the development of the Nigerian industrial sector the flagship of its economic agenda from May 29, 2023.

They also advised the federal government to commission the Chiyoda Groups of Japan that build the national refineries originally to carry out a Turn Around Maintenance of the four refineries.

The OPSN gave these tasks yesterday when it unveiled its economic policy document titled the, “OPSN Policy Priorities for Political Parties in Nigeria,” that would guide political parties and the incoming government to accelerate the pace of Nigeria’s industrialisation and economic development.

The document, which was unveiled during the, “High Level Meeting of the OPSN with National Endowment for Democracy,” would enable government to reshape economic policies and implementation in order to address and redress the challenges in the country’s business environment. 

The Chairman of the OPSN, Mr. Taiwo Adeniyi, who presented the document’s policy brief, said the government should take deliberate and urgent steps to improve conducive and enabling business environment for businesses.

Adeniyi said: “In the light of this, we succinctly present field-based observations of the core challenges of industries in the country at the moment.” 

“We are sanguine that addressing the challenges will in no small manner trigger significant activities in the industries and propel the economy to recovery and sustained growth.

“The OPSN is full of expectations that the new government will support the development of the industries as the flagship of its new economic agenda in 2023. This is no doubt, critical in achieving the longstanding collective industrialisation aspiration of our dear country.

“In the first place, government should undertake a comprehensive review of policies and initiatives for enterprise growth and development. There is a need for a collaborative approach to policy development. A medium to long term integrated policy development framework should be undertaken in order to ensure that polices are integrated.”

The OPSN emphasised that growing the non-oil sector should be the heartbeat of any industrial economy as no economy could attain any meaningful industrialisation without a vibrant industrial sector.

It added that the real sector was synonymous to greater job creation for the unemployed and wealth creation for wellbeing of the populace. 

It, however, noted that for the private sector to adequately play its part in engendering economic growth, government has to provide the enabling environment for production to happen and development to occur.

“Government must equally address the infrastructural gaps in the country. The private sector cannot wait endlessly for affordable and sustainable public electricity supply.

“It is the government’s responsibility to ensure that Nigeria generates enough electricity, to provide the private sector with tools needed for innovation, production, entrepreneurship and value addition for national development.

“Therefore, government at all levels must fix other sore points in public infrastructure including expansion of the rail network, rehabilitation of roads and the development of robust inland waterways.”

Adeniyi added that the OPSN has not only identified issues and challenges confronting the nation, but, “we have also provided solutions in many instances. And we are willing and ready to work with the government to ensure the growth of our economy.”

The Country Director, Centre for International Private Enterprise (CIPE), Ms. Lola Adekanye, commended the OPSN for producing the policy document, saying, “a healthy economy is dependent on a very active private sector. We also believe that there is no democracy without a healthy and thriving economy.”

She added that there was no nation building without collaboration.

Speaking in the same vein, the President, and CEO of the NED, Mr. Damon Wilson, said Nigeria was already the world’s fifth largest democracy and by 2050 would be the second largest democracy after India.

He advocated that collaboration and working together would make the OPSN’s advocacy to become more powerful. 

The President of Manufacturers Association of Nigeria (MAN), Mr. Francis Meshioye, emphasised that Nigeria’s quest for diversification of its economy and improvement in non-oil revenue should avoid the mistake it made in exporting crude oil and importing all its refined products.

He said Nigeria should start developing capacities that would enable it to turn its primary produce to finished products.