Economic Development, Manufacturing Sector, Industrial Policy, Foreign Exchange Issues, Local Resource Utilization, Small and Medium Enterprises, Strategic Planning, Government Initiatives, 21st Century Challenges, Sustainable Growth

African Review . 01 November 1996 . Pg 41

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Uzor E Okeke, the Director General of the Manufacturers Association of Nigeria, discusses the urgent need to restructure Nigeria's manufacturing sector for sustainable growth in the 21st century. Despite previous efforts to stimulate growth, the sector has faced stagnation due to issues like foreign exchange scarcity, high production costs, and inadequate credit. Okeke emphasizes the importance of industrialization for national development and calls for a long-term strategic agenda to diversify and strengthen the manufacturing base. He highlights the need for a shift from low-technology industries to heavy industries, the development of local raw materials, and the support of small and medium-sized enterprises (SMEs) to foster economic recovery and growth. The recent 'Vision 2010' initiative aims to provide a coherent plan for Nigeria's future, focusing on economic prosperity, political stability, and social harmony.

Summary

Summary may not be accurate; generated by machine learning.

Uzor E Okeke, the Director General of the Manufacturers Association of Nigeria, discusses the urgent need to restructure Nigeria's manufacturing sector for sustainable growth in the 21st century. Despite previous efforts to stimulate growth, the sector has faced stagnation due to issues like foreign exchange scarcity, high production costs, and inadequate credit. Okeke emphasizes the importance of industrialization for national development and calls for a long-term strategic agenda to diversify and strengthen the manufacturing base. He highlights the need for a shift from low-technology industries to heavy industries, the development of local raw materials, and the support of small and medium-sized enterprises (SMEs) to foster economic recovery and growth. The recent 'Vision 2010' initiative aims to provide a coherent plan for Nigeria's future, focusing on economic prosperity, political stability, and social harmony.