Business Hilights
Tracking Nigeria's Headline Business News Online

Being consumer nation without commensurate manufacturing activities bad–Ooni

Former banking wizkid and current Ooni of Ife, Oba Enitan Ogunwusi, has raised an issue of urgent national importance, saying “it was dangerous for Nigeria to remain a consumer nation without commensurate manufacturing activities to take care of the system”.

In his keynote address at the flag off of the park at the Afe Babalola University (ABUAD), Ado Ekiti, the traditional ruler made it clear that as long as special attention is not given to the manufacturing sector, job creation will continue to suffer as industrial development is key to mass employment in every economy.

According to the monarch, “Nigeria is sitting on a keg of gun powder by the way our population is growing very fast. We are producing graduates yearly without opportunities for jobs, this is dangerous.

“That is why I commend the ABUAD’s founder, Chief Babalola on this initiative. Virtually all Nigerians now patronise foreign goods including clothing materials, and the food we eat. As we are seated here, if we examine ourselves closely, we will realise that over 80 per cent of us had either eaten foreign food this morning or presently wearing foreign clothes.

“We don’t produce as we consume. It is high time we started using home made goods, and encouraging our youth to believe in our country.

“We have no reason not to develop industrially in Nigeria. We have the labour in abundance, both skilled and unskilled, but we have failed to realise that a nation can only grow when it takes care of its consumption, production and investment, where Nigeria has failed.”

Business Hilights recalls that the African Development Bank (AfDB) had entered into partnership with ABUAD, in which 121 units of industrial parks were flagged off in the University to drive industrial development in Ekiti and environs. The Founder of the University, Afe Babalola, and the AfDB President, Dr Akinwumi Adesina, said the initiative will help in generating revenues, and pioneering industrial revolution in Nigeria.

Adesina disclosed that the parks are parts of the projects that will be jointly financed by the two institutions from the AfDB’s $40million loan to ABUAD, which was granted in 2017.

Babalola hinted that there is a need for the construction of an airport, and to extend a rail line to Ekiti State by the Federal Government for the industrial parks to be sustainable after taking off.

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