Economic Diversification: Experts advocate exploration of non-metallic industry frontiers
By Rukayat Moisemhe
Economic experts have highlighted the need to explore the frontiers that the Nigerian non-metallic industry presented as part of the country’s economic diversification agenda.
The experts spoke at the 2024 Annual General Meeting of the Non-Metallic Mineral Products Sectoral Group of the Manufacturers Association of Nigeria (MAN) on Wednesday in Lagos.
The News Agency of Nigeria (NAN) reports that the event had as its theme: “Exploring New Frontiers: Maximising the Non-Metallic Industry for Diversification”.
Dr Biodun Adedipe, Chief Consultant, BAA Consult, said that unlocking opportunities in the industry could bring sustainable diversification of the Nigerian economy, especially its external sector, within a short space of five years.
Adedipe stressed the need for Nigeria to diversify its foreign earnings in a way that built resilience into its external sector.
He said that it would help to reduce the country’s vulnerability to external shocks and occasional internal disruptions.
According to him, the benefits and prospects of the non-metallic industry with 34 minerals in 450 locations included substantial revenue to governments.
He said that it would also boost taxes, job creation, enhanced industrialisation and economic diversification.
He added that other benefits included increased foreign exchange earning, reduced dependence on imports, among others.
The economist, however, said that challenges such as policy inconsistencies, land tenure systems, responsibilities overlap between Federal and State governments, inadequate geoscience data, terrorism and banditry hindered its development.
“The value in non-metallic mineral products is much more than the hydrocarbons combined!
“The investment requirements are also not as steep as those for exploration and production of non-metallic minerals.
“The recommendations for the sector include strengthened advocacy, intensified local beneficiation, energised strategic partnerships, commodity exchanges, and government oversight of the entire value chain.
“Unlocking the opportunities therein can bring sustainable diversification of the Nigerian economy, especially its external sector, within a short space of five years,” he said.
Mr Segun Ajayi-Kadir, Director General, MAN, called for insights to uncover the vast opportunities available for the industry to innovate and expand.
This, he said, was necessary especially at this time when diversification is crucial for economic sustainability and global competitiveness.
Ajayi-Kadir said that the event was a prime opportunity to extract actionable strategies and ensure that the sector remained not just relevant but transformative in Nigeria’s broader economic narrative.
He also called for support for the sectoral incoming executives, particularly in forging partnerships to inspire innovation, growth, and a strengthened future for the Non-Metallic Mineral Products Sector.
In his remarks, Mr Afam Ukatu, Chairman, MAN, Non-Metallic Mineral Products Sectoral Group, said that the event was an opportunity to chart a bold path forward.
Ukatu said that it would help to inspire innovative approaches toward maximising the vast potential within the non-metallic industry.
He said that innovation, technology, and sustainability were key drivers of growth.
“As the government shifts focus toward economic diversification, the non-metallic industry is poised to play a pivotal role in Nigeria’s future development,” he said.
Ukatu said that in spite of the various obstacles the industry faced, ranging from infrastructure deficits and regulatory burdens to the threat of substandard imports, it remained resolute.
The chairman stated that the industry had shown resilience, and with pragmatic solutions, was preparing to compete both locally and across the continent.
“Our sector is a critical contributor to national development, especially in addressing Nigeria’s housing deficit, currently estimated at 28 million.
“This gap presents a significant opportunity for members in the production of essential materials needed to close the housing shortfall.
“We must align our efforts with national strategies to help overcome this challenge and together, we can drive our sector toward greater achievements and ensure our competitiveness on a global scale,” he said. (NAN)
Edited by Kadiri Abdulrahman
Published By
Has also recently published
Culture & TourismDecember 22, 2024Lagos showcases aquatic endowment at boat regatta
FeaturesDecember 22, 2024LNG: Nigeria’s gateway to global energy
Science & TechDecember 22, 2024Communications ministry to secure $2bn funding for fibre optics
General NewsDecember 21, 2024Tinubu cancels Lagos events to honour FCT, Anambra stampedes victims
