By Adaora Adibe / Nafisat Abdulrahman
In recent times, the role of entrepreneurship in driving the government’s industrialization agenda has become a focal point in discussions about national growth. Governments worldwide increasingly recognize that fostering a robust entrepreneurial ecosystem is crucial for achieving their industrialization goals.
In a fortnightly virtual Zoom meeting organized by the Corporate Affairs Directorate of the Raw Materials Research and Development Council (RMRDC), held on Thursday 5th September 2024, with the “theme X- raying Role of Entrepreneur in Industrial Agenda of Government for National Growth “, experts emphasized the crucial role of effective and sustainable government policies and regulations for industries, particularly multinationals, operating in Nigeria.
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During the discussion, a Geo-Environmental Researcher Prof. Hilary Inyang highlighted some problems of Nigeria’s industrialization and entrepreneurship growth as identified in the 2014 Nigeria industrial revolution plan to include: inadequate infrastructure, shortage of skilled manpower, Poor linkage to industrial subsectors, over-dependence on export of raw materials, basic nature of manufacturing activities and poor financing
according to him.
Meanwhile, a Researcher/Consultant Dr. Sebastine Obasi emphasized that regulations that encourage the use of local resources and support local industries can strengthen domestic supply chains and contribute to sustainable industrial growth.
On his part, the former Director General of the National Office for Technology Acquisition and Promotion (NOTAP), Dr. Ibrahim Dan Azumi, called for strategic measures to regulate the operations of foreign investors and multinationals in Nigeria. He advocated for the promotion of locally made products by imposing high tariffs on imports of goods that are produced domestically.
” For our research to become relevant industries must be committed to it. We have quite a number of R&D lying without commercialization. Nigerian companies should be encouraged to take up some of these research. We have to be patriotic by patronizing our own. For eg. Aba people make fantastic shoes that could sell anywhere in the world”, he said.
He added that policies that support research and development (R&D) and protect intellectual property rights can foster innovation and competitive advantage for Nigerian businesses to grow.
Based on the discussions, it was made known that entrepreneurship is seen as a key driver of innovation, job creation, and economic diversification, which are essential components of a successful industrialization strategy. By supporting startups and small to medium-sized enterprises (SMEs), governments aim to stimulate economic activity, enhance competitiveness, and build resilient industries.
The meeting which was well attended by different participants including economists, academia, entrepreneurs etc concluded with a call to action, urging the government to implement policies that would promote industrialization and drive economic growth in Nigeria.
