Dr Mufutau Raji, a chartered banker, has identified insecurity and high porous borders as some of the factors responsible for the slow growth of industralisation in Nigeria.
Raji said this while delivering a lecture to mark the 76th birthday of Alhaji Khamis Olatunde-Badmus, the Asiwaju Muslim Yorubaland, Edo and Delta, on Monday, in Osogbo.
The lecture has as its theme: “Industralisation during economic recession; lessons for new generation of entrepreneurs (Asiwaju Tunde Badmus as a case study).
He said that as a result of the failure of industralisation in Nigeria, the infrastructure deficit had continued to grow at alarming rate.
Raji also said that corruption , unfavourable foreign exchange rate, poor power supply, among others are responsible for poor industralisation in Nigeria.
“The need for industralisation is well recognised by Nigeria since her independence from Britain in 1960.
“Nigeria has made several attempt all without any appreciable success.
“Among several such attempts and like many others such well intended efforts of the government is the Nigeria Industrial revolution plan of 2014.
“The plan is aimed at increasing the contribution of Nigeria’s manufacturing sector to gross domestic from about four per cent in 2014 to six per cent in 2015, then above 10 per cent in 2017.
“Yet all those hope have been dashed by the current economic decision that Nigeria is experiencing”, he said.
He, however, urged government at all levels to embrace industralisation so as to improve the standard of living of the people.
Earlier in his sermon, Mufasir of Osogboland, Sheik Abdullateef Abajaoro, urged Nigerians to continue to pray for the country to overcome its challenges.
Abajaoro, who noted that without security and peace of mind there could not be any meaningful development.
He said that one thing that could help the country to overcome its current challenges is sincere prayers.
Earlier in his remarks, Gov. Gboyega Oyetola, congratulated the celebrator, describing him as a rare gift of nature and one of the foremost illustrious and industrious sons of the state.
Represented by his deputy, Benedict Alabi, Oyetola said his continued elderly roles particularly, his swift response to the call of the state when the nation was faced with the coronavirus pandemic that ravaged the entire world.(NAN)
