June 15, 2024
Nigeria Is Poised

Why Nigeria Is Poised To Compete With World Powers

With the potential of thousands of jobs, the giant of Africa has long been asleep for far too much. Today, history beckon on Nigeria to take the place destined for her. An heritage that has been delayed but may never be denied.

The strides of Innoson and Dangote would prove to be the perfect antidote. The pioneers of a new paradigm in the quest to champion a new cause in the economic, socio-political sector of Nigeria.

Nigeria is poised for what could be a breakthrough in the top ten leagues of countries in world economic superpower. This becomes possible if the trends in the manufacturing and petroleum sector are sustainable.

Nigeria has been a core import-dependent nations for years. The major imported item is crude oil with over $12 billion spent every year. Also, top of the list of imported items are vehicles with $2.2 billion yearly bases. The monthly value for these two items stands around $15 billion.

World most powerful and economically viable countries often have a particular sector that serves as the engine room. A certain propeller whose effect robs off on other sectors of the economy thereby accelerating growth and development in other sectors. The agricultural sector prior to the discovery of iron in Nigeria would have fit this purpose but the discovery of oil proves to be a curse in the agricultural sector. Today, the oil sector and the manufacturing sector could prove to be that purpose.

With the ongoing refinery project at Lekki, Lagos state it would be enough to stamp out and possibly reduce it to a barest minimal the importation of petroleum products. The refinery which is expected to be commission in early 2020 is estimated to produce over 650,000 barrel of petroleum products. This will augment the daily production by other existing refineries and possibly stop the importation of petroleum products.

Aside from replacing the daily importation of this product, the Dangote refinery will further drastically reduce the carriage cost of these petroleum products by at least two-thirds. The transport cost in itself alone would save Nigeria over millions of dollars.

Besides the importation of petroleum products, the fourth most imported item in Nigeria is vehicles with over $2.5 billion expanded yearly on this product. With Innoson Vehicle Manufacturing Co. Ltd gradually gathering momentum in the automobile industry a huge part of such amount will remain in Nigeria.

The Innoson Motors contrary to the generally perceived notion about the firm goes beyond a mere assembling unit. The local content or materials used in the production of these vehicles consist of over 70%.

With the availability of crude oil for Dangote refinery and needed raw materials for Innoson Motors then both firm would be creating more job opportunities in Nigeria that could run into hundreds of thousands.

The best time to put aside political and ethnic sentiment is now. This surely remains the only factor that could hinder the prospect of Nigeria in the international landscape of countries that count

Written by
Richard Wilson
View all articles
Leave a reply

Written by Richard Wilson