The News DietThe News Diet
    What's Hot

    CILT 2023 Conference: Transport Infrastructure, Trade Environment Biggest Threats To AfCFTA

    November 28, 2023

    Experts Outline Maritime Awareness Strategies For Nigerian Students

    November 28, 2023

    Prime Atlantic Organizes Tour For Maritime Training Facility On Wednesday

    November 27, 2023

    Subscribe to Updates

    Get the latest efficient and accurately analysed news from The News Diet.

    Facebook Twitter Instagram
    Tuesday, November 28
    Facebook Twitter Instagram
    The News DietThe News Diet
    • Home
    • News
    • Editorial
      • The Verdict
      • Interviews
      • Special Report
    • Maritime

      Experts Outline Maritime Awareness Strategies For Nigerian Students

      November 28, 2023

      Prime Atlantic Organizes Tour For Maritime Training Facility On Wednesday

      November 27, 2023

      AMAE 2023: Art Can Diminish Sea Blindness In Nigeria – Oyetola

      November 24, 2023

      MAMAL 2023: Capt. Iheanacho, Jolapamo, Adeyanju, Others Confirm Attendance

      November 23, 2023

      MAN Oron Trains Over 24,000 Seafarers In 5 Years

      November 23, 2023
    • Business
    • Politics

      Senate To Legislate Mandatory Electronic Transmission Of INEC Results

      October 22, 2023

      Chicago State Varsity Releases Tinubu’s Records To Atiku

      October 3, 2023

      LP, Obi Couldn’t Prove Tinubu’s Conviction In US – Tribunal

      September 6, 2023

      NNPP Suspends Kwankwaso Over Anti-Party Activities, Aniebonam Resigns

      August 29, 2023

      APC Vice Chairman Lukman Resigns Over Illegalities, Interference

      July 26, 2023
    • Sports

      2023 Maritime Cup: Shippers’ Council, NPA To Kickoff Competition

      October 12, 2023

      Abuja MoU Boss ‘Capt. Umoren’ Wins Independence Day Uyo Kitty

      October 4, 2023

      AIU Clears Amusan To Participate At World Championships

      August 18, 2023

      Chelsea Agree £23.2m Deal For French/Nigerian Teenage Midfielder ‘Ugochukwu’

      July 30, 2023

      Security Agencies To Commence Sports, CSR Projects At Zongo Community

      June 17, 2023
    • Photo Diet

      2023: ANLCA, APFFLON Presidents Ponder Headway For Freight Forwarding Sector

      January 13, 2023

      Sambo, Lai Mohammed Discuss National Issues At Transport Ministry Headquarters

      November 1, 2022

      Sambo Felicitates With NIMASA DG ‘Jamoh’ On OFR Honours

      October 12, 2022

      St Augustine’s Anglican Church Youths Visit Lagos Ports Complex

      September 15, 2022

      NCAC Presents Partnership-That-Works Award To Governor Sanwo-Olu

      July 14, 2022
    • Lifestyle

      Mohbad’s Death: Valuable Lessons For Young Nigerians

      September 23, 2023

      Marital Bliss: NIWA Celebrates As Engr. Ororo’s Daughter ‘Tare’ Weds ‘Anderson’

      July 4, 2023

      Ezeobi Wins Peak Performing Woman of the Year Award

      July 4, 2023

      OMIS Awards Labeled Africa’s Maritime Oscars

      September 26, 2022

      NATOP, NCAC Deepen Collobaration To Develop Tourism Sector

      September 23, 2022
    • Contact
    The News DietThe News Diet
    Home » Engineers Urge FG To Boost Industrialisation Via Crucial Policies
    Business

    Engineers Urge FG To Boost Industrialisation Via Crucial Policies

    Kenneth JukporBy Kenneth JukporSeptember 12, 2022No Comments33 Views
    Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Tumblr Email
    Engineers Urge FG To Boost Industrialisation Via Crucial Policies
    Engineers at work
    Share
    Facebook Twitter LinkedIn Pinterest Email

    The Nigerian Academy of Engineering has urged the Federal Government to intensify efforts and develop policies geared towards industrialisation as a means of ensuring economic diversification in the country.

    The engineers made the call at a webinar titled “From Consumption to Production: The Role of Special Ago-Industrial Processing Zones in Nigeria.”

    The keynote speaker at the event, Senior Special Adviser to the President, African Development Bank, Professor Banji Oyelaran-Oyeyinka, regretted that Nigeria, which had embraced industrialisation in the wake of political independence, neglected a sector that was key to any successful economy.

    Oyelaran-Oyeyinka observed that Nigeria manufactured very little of what it consumed, as most of the country’s needs were imported from other countries.

    He explained that there was a need for the engineering manpower to help the country to transit from consumption to manufacturing, noting that if a society spent $100 to manufacture a product within its borders, the money used to pay for materials, labour, and other costs moved through the economy as each recipient spent it.

    “The leaders and elites tend to trump all other factors. Their choices, interests and predilections have pushed this nation into the current trajectory of a negative economic development pathway. We must not be shy to speak the truth. Only the Truth will help those who hold the levers of leadership no matter how unpalatable.”

    “If money is spent in another country, circulation of that money is within the exporting country. This is the reason an industrialised product-exporting/commodity-importing country is wealthy and an undeveloped product importing/commodity-exporting country is poor. Developed countries grow rich by selling capital-intensive (thus cheap) products for a high price and buying labor-intensive (thus expensive) products for a low price,” he said.

    According to him, central to the nation’s economic growth crisis was the failure to achieve rapid industrialization as well as the mismanagement of investment in the acquisition of necessary capital stock such as plants and capital stock.

    “The country’s investment portfolio will reveal huge amounts budgeted to purchase plants and equipment, for example, refineries, iron and steel, sugar refining, fertilizers and so on. What has also become clear is that unlike countries where rising capital stock has led to rising living standards and high productivity, Nigeria has remained a non-industrialised underdeveloped country. We consume high-value products that we do not produce. What does Nigeria export?”

    In his address, the President of the academy, Professor Peter Onwualu, observed that there was a strong link between agriculture, manufacturing and industrialisation.

    He noted that unless Nigeria got its agriculture development plans right, industrialisation might not happen.

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email

    Related Posts

    CILT 2023 Conference: Transport Infrastructure, Trade Environment Biggest Threats To AfCFTA

    November 28, 2023

    Experts Outline Maritime Awareness Strategies For Nigerian Students

    November 28, 2023

    Prime Atlantic Organizes Tour For Maritime Training Facility On Wednesday

    November 27, 2023

    Leave A Reply Cancel Reply

    Latest Post
    Business

    CILT 2023 Conference: Transport Infrastructure, Trade Environment Biggest Threats To AfCFTA

    November 28, 2023

    Experts proffer solutions to regional trade bottlenecks Experts in logistics and transport industry have identified…

    Experts Outline Maritime Awareness Strategies For Nigerian Students

    November 28, 2023

    Prime Atlantic Organizes Tour For Maritime Training Facility On Wednesday

    November 27, 2023

    AMAE 2023: Art Can Diminish Sea Blindness In Nigeria – Oyetola

    November 24, 2023

    New Dawn @ANLCA: Nwokeoji To Explore Synergies, Tackle Unfavorable Policies

    November 24, 2023

    Apapa Customs Makes Historic N11.3bn Daily Revenue Collection

    November 23, 2023

    Editorial Picks

    Experts Outline Maritime Awareness Strategies For Nigerian Students

    November 28, 2023

    Prime Atlantic Organizes Tour For Maritime Training Facility On Wednesday

    November 27, 2023

    AMAE 2023: Art Can Diminish Sea Blindness In Nigeria – Oyetola

    November 24, 2023

    MAMAL 2023: Capt. Iheanacho, Jolapamo, Adeyanju, Others Confirm Attendance

    November 23, 2023
    https://thenewsdietng.com/wp-content/uploads/2023/10/InShot_20231018_104733893.mp4

    Subscribe to News

    Get the latest efficient and accurately analysed news from The News Diet.

    Stay In Touch
    • Facebook
    • Twitter
    • Instagram
    • YouTube
    Latest Post
    Business

    CILT 2023 Conference: Transport Infrastructure, Trade Environment Biggest Threats To AfCFTA

    November 28, 2023

    Experts proffer solutions to regional trade bottlenecks Experts in logistics and transport industry have identified…

    Experts Outline Maritime Awareness Strategies For Nigerian Students

    November 28, 2023

    Prime Atlantic Organizes Tour For Maritime Training Facility On Wednesday

    November 27, 2023

    AMAE 2023: Art Can Diminish Sea Blindness In Nigeria – Oyetola

    November 24, 2023

    New Dawn @ANLCA: Nwokeoji To Explore Synergies, Tackle Unfavorable Policies

    November 24, 2023

    Apapa Customs Makes Historic N11.3bn Daily Revenue Collection

    November 23, 2023

    About Us:

    The News Diet is a credible newsblog managed by JUKKEN Consults Limited, a media organization and public relations consulting outfit.

    JUKKEN Consults is also focused on Brand Management, Media Buying, Print Production, etc. The outfit has an impressive track-record of executing media campaigns and projects for high profile clients across various sectors of Nigeria’s economy.

    We also operate a waste recycling/ eco-promotional company, Golden Debris.

    Facebook Twitter Instagram Pinterest YouTube
    Top Insights

    CILT 2023 Conference: Transport Infrastructure, Trade Environment Biggest Threats To AfCFTA

    November 28, 2023

    Experts Outline Maritime Awareness Strategies For Nigerian Students

    November 28, 2023

    Prime Atlantic Organizes Tour For Maritime Training Facility On Wednesday

    November 27, 2023

    AMAE 2023: Art Can Diminish Sea Blindness In Nigeria – Oyetola

    November 24, 2023
    Get Informed

    Subscribe to Updates

    Get the latest efficient and accurately analysed news from The News Diet.

    © 2023 All right reserved. The News Diet.
    • Home

    Type above and press Enter to search. Press Esc to cancel.