UNIDO Hails Nigeria's Industrial Growth
From Iyefu Adoba in Abuja
The United Nations Industrial Development Organization, (UNIDO)has described as optimistic, the level of industrial growth in Nigeria, saying the country was heading towards the right direction in its industrialisation effort.
Nigeria's impressive industrial rating is, however, in contrast with the regional situation as UNIDO said manufacturing industry in sub-Saharan Africa has stagnated since 1980.
UNIDO representative in Nigeria, Dr. David Tommy, who disclosed this yesterday at the launching of the organisation's Industrial Development Report 2004 in Abuja said returns on investment in Nigeria at 30 per cent performance is one of the best.
Tommy, however, said the report entitled "Sub-Saharan Africa-the New Frontier in the Fight Against Poverty" notes that the region is the only one in the world where extreme poverty has been spreading steadily for the last 20 years.
He said the 2004 report spells out the challenge of meeting the Millennium Development Goals, (MDGs), in Sub-Saharan Africa, the only region where poverty has been spreading unremittingly.
Tommy who noted that most developing regions, particularly East Asia have made great strides towards poverty reduction through rapid economic growth and will meet or surpass the MDGs, said economic decline has to be arrested and reversed if the goals are to be achieved in the region by 2015.
The UNIDO representative said although for several years Nigeria witnessed decay in the industrial sector, in the last five years there has been a noticeable upward movement.
Minister of Industry, Ambas-sador Magaji Muhammed, in a speech at the occasion said all major economies that have followed the industrial route to prosperity identified manufacturing as the main factor in the successful transformation of their economies.
In this direction, he disclosed that the Federal Government has identified and tackled some of the impediments hindering the country's industrial growth and performance.
Apart from the right political will to tackle these problems, Muhammed said several macro and micro-economic policies as well as functioning regulatory and legal systems are being currently implemented.
"The right monetary policy, especially with regard to availability of financial resources required by industry at competitive rates, review of priority for industry, improved business environment, launching of innovative industrial policies have all been embarked upon by government," said Magaji.
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