Nigeria’s high production costs threaten industrial competitiveness — Feese.
Co-facilitator of the NESG, Lumun Feese, said Nigeria needed a coordinated approach to industrial development to address structural […] The post Nigeria’s high production costs threaten industrial competitiveness — Feese appeared first on Vanguard News .
By Favour Ulebor, Abuja The Nigeria Economic Summit Group has warned that high production costs, unreliable electricity and poor logistics infrastructure are undermining Nigeria’s industrial competitiveness, calling for a council within the Presidency to coordinate industrialisation policies.
She spoke at a breakout session on building an integrated industrial ecosystem during the 32nd Nigeria Economic Summit on Tuesday in Abuja.
Feese said Nigeria had dropped from eighth to 14th position on the African Development Bank’s Africa Industrialisation Index, although she noted that the methodology had changed and more countries had been included in the latest ranking. She said, “We are not maximising our potential and our large economy. “How do we go and compete in South Africa when our cost of production is so high? Power, logistics and so on and so forth.” She added that Nigeria needed to move beyond its domestic market and develop the capacity to supply other African countries.
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