Emmanuel OchayiEconomic expert and founder of B. Adedipe Associates Limited, Dr Biodun Adedipe has observed that there is a notable manufacturing shift in Nigeria that has attracted foreign investors to the country.
Adedipe in a revelation at the Nigeria Economic Outlook for 2024 event noted that there is a global trend post-COVID, where manufacturers are relocating their production facilities to the countries they export to.
He stated: “Nigeria is a favorable business environment, and notably, the Chinese, Indians, and Lebanese are seizing the opportunities presented by this new manufacturing window.”
During the discussion themed ‘Current Realities and Prospects,’ Adedipe questioned the role of Nigerian investors in what he described as a manufacturing boom. He voiced his concerns, saying, “Each time I see that, I ask myself, ‘What are the Nigerians with the capacity to invest in manufacturing doing?’”
Highlighting Nigeria’s demographic advantages, Adedipe pointed out the large, youthful, and tech-savvy population.
He urged businesses to align with the booming ICT sector, which has consistently been a major contributor to the GDP. Adedipe emphasized the significance of technology, stating, “Internet penetration in Nigeria ranks 11th globally, with 94 per cent accessing the internet via their phones. This signals a technology-driven era across all industries.”
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