Manufacturing: The Key To Economic Growth And Shared Prosperity In Nigeria

Abstract

Manufacturing is critical to driving Nigeria's economic growth and ensuring a sustainable future for its people. When backed by policies  that encourage growth, manufacturing promotes shared prosperity by creating opportunities for job creation, increased productivity, and  innovation. It creates an environment where economic growth benefits all members of society rather than just a select few.  However, in recent years, the Nigerian economy is shifting from being primarily based on agriculture to becoming a service-led economy,  but without a strong industrial base. This paper explains why such a strategy is unsustainable and advances the claim that  Nigeria must prioritise the manufacturing sector to achieve its development goals. It explores the role of manufacturing in economic  growth by comparing it to the agriculture and service sectors using three (3) economic metrics: Employment, GDP, and the Consumer  Price Index, and argues that manufacturing remains Nigeria's most promising avenue for economic growth and shared prosperity.  Furthermore, we identify the challenges of growing the manufacturing sector in Nigeria and then propose policies that can foster the  development of Nigeria's industrial base.