The President of the African Development Bank Group, Akinwumi Adesina, has said Nigeria’s industries will always remain noncompetitive, until it decisively tackles energy deficiency and reliability.
Akinwumi made this submission on Tuesday, while speaking at a meeting organised by the Manufacturers Association of Nigeria (MAN) in Abuja. He noted that, no business can survive in Nigeria without generators. Consequently, the abnormal has become normal.
“Unless Nigeria decisively tackles its energy deficiency and reliability, its industries will always remain noncompetitive,” he said.
The ADBG President said that the country had failed to position itself for economic growth and achievements, the type attained by developing countries like Vietnam and Malaysia.
Adesina added that Nigeria must have a greater ambition for its manufacturing sector by integrating and rapidly moving up global and regional value chains in areas of comparative advantage; by and by driving greater specialisation and competitiveness.
He also criticised the country’s apparent policy of limiting access to foreign exchange rather than expanding its forex earnings.