President of the African Development Bank, Akinwumi Adesina, has called for rapid industrialisation in Nigeria to lift millions out of poverty and reposition the country for global competitiveness.
Speaking at the 20th anniversary dinner of Chapel Hill Denham in Lagos, Adesina warned that Nigeria’s declining per capita income and slow growth pose a risk to Africa’s development. He urged the country to emulate nations like South Korea and Malaysia, which have advanced through manufacturing and innovation.
Also Read: Business Leaders Urge Action as World Bank Warns of Rising Poverty in Nigeria
He announced that the AfDB and its partners have committed $3.4 billion to establish special agro-industrial processing zones across Nigeria. These zones aim to add value to agricultural produce, attract agribusinesses to rural areas, and create jobs.
Adesina said transforming agriculture into a business and investing in power, science, and infrastructure are key to changing Nigeria’s development narrative.
Leave feedback about this
You must be logged in to post a comment.