Nigeria: UNIDO says diversification of economy, key to sustainable development

The United Nations Industrial Development Organisation (UNIDO), says diversification of Nigerian economy is key to inclusive and sustainable industrial development of the country.

The Regional Director, Mr Jean Bakole, disclosed this, in Abuja during a roundtable discussion on inclusive and sustainable industrial development.

He said adequate policies would maintain a competitive exchange rate, neutralise tendencies towards appreciation and stabilize microeconomic environment with favourable credit conditions.

“There is no way we can develop the economy without industrialisation, especially when it comes to manufacturing and adding value to our products.

“We have to be prepared for competitiveness in the ECOWAS and African region, particularly in the context of African free trade agreement zone.

“It is very important for us to see Nigeria taking the leadership by sending a strong message to other partners that we are ready to work with you,” he said.

According to him, there was no way Nigerian economy can be diversified without adequate industrialisation through manufacturing and adding value to products.

He revealed that the more diversified the economy, the higher the gross domestic products, and the lower the competition it faces in the global market.

“Diversification is a path dependent process, so that what a country produces today influences what sector can emerge or develop in the immediate future,” he said.

Bankole however, recommended that new economic activities be promoted with the appropriate intervention, including industrial estates and economic zones.

He also called on the Federal Government to create a diversified, well-regulated and inclusive financial system that provides access to a variety of services and products in support of private investment for new economic activities. (NAN)