Every advance economy is an indication of an industrialized economy; as industrialization is a catalyst for growth. In Nigeria, industrialization has been at the center of our governmental policies, we have thus far journeyed from the agro commodity based economy towards an industrialized economy with a bid to modernise and diversify into other areas.
However, Nigeria has dwelt so long, if not too long, on her dependant on crude oil to solely aid her economy growth, which globally is currently encountering a depreciation in it value.
There is an urgent need for the country to truly diversify and engage in the exportation of high complex products in the international market which would yield more revenue which in turn supports and result in growth of the country’s economy.
Currently, even as the world is shifting into full view of the reign of technology, our policies should ensure to catch full glimpses of this technological ray. Technology should be viewed as an enabler, as the real work of technology is to enable the ecosystem. Hence policies which would end up driving out investors and prevent them from establishing their companies in Nigeria, not just their subsidiaries, should be totally avoided.
The government and it’s regulators should ensure that the private sector involved in technological advancements; which in turn bring about economy growth, are not drowned by multitude of regulations that constraint them to function effectively, but rather act as guides in ensuring consumers are to thrown in tight corners.
- All the issues arising and the most possible future ahead for our dear nation was extensively discussed at the webinar organised by Commercial Law Development services held on Thursday July 16, 2020 titled “Economic Evolution: Industrialization and Trade Policies in Nigeria”.
