Managing Director of Coleman Technical Industries Limited, George Onafowokan, has said Nigeria can achieve President Bola Tinubu’s ambition of growing the economy to $1 trillion by 2030 if the government prioritises manufacturing, value addition, affordable financing, and reliable power supply.
Speaking on the administration’s economic agenda, Onafowokan argued that agriculture alone cannot drive economic transformation without a strong manufacturing sector capable of processing raw materials into finished products.
According to him, Nigeria must move away from exporting raw materials and instead focus on adding value locally to create jobs, increase exports, and boost economic growth.
‘You cannot separate manufacturing from agriculture. We don’t want to remain exporters of raw materials. Processing agricultural produce such as cocoa, palm products and shea butter adds value, creates employment and strengthens the economy,’ he said.
He noted that government policies encouraging local value addition are beginning to yield results, citing investments in cocoa processing and increased exports of processed shea butter.
Onafowokan disclosed that about $140 million has already been invested in a cocoa processing plant, while exports of processed shea butter have grown significantly following policies requiring local processing before export.
He also observed that Nigeria’s non-oil exports have increased from 17 per cent to about 23 per cent, attributing the improvement to deliberate fiscal policies aimed at promoting domestic manufacturing.
While expressing optimism about the administration’s economic reforms, he stressed that sustaining the gains would depend on addressing key challenges facing manufacturers, particularly access to affordable long-term financing and stable electricity.
According to him, projections indicate Nigeria could grow its economy to between $700 billion and $800 billion by 2030 under current trends, but achieving the $1 trillion target would require annual GDP growth above 10 per cent.
He commended the Central Bank of Nigeria (CBN) for stabilising the foreign exchange market and moderating inflation, saying the reforms have improved business planning.
However, he warned that macroeconomic stability alone would not deliver the desired industrial growth unless manufacturers have access to patient capital.
‘The challenge today is that there is stability at the macro level, but manufacturers still lack long-term financing. You cannot borrow at commercial interest rates above 20 per cent and expect industries to expand,’ he said.
Onafowokan criticised the rising lending rates of the Bank of Industry (BOI), describing the institution as a development finance bank that should provide affordable funding to manufacturers rather than commercial-rate loans.
He also identified unreliable and expensive electricity as one of the biggest obstacles to industrial growth, noting that power accounts for nearly 40 per cent of manufacturers’ production costs.
Onafowokan further called on the government to deliberately nurture indigenous billion-dollar companies across key sectors, insisting that Nigerians-not foreign investors alone-must drive the country’s economic transformation.
‘No foreigner can grow Nigeria for us. Nigerians must grow Nigeria. Government should deliberately support local companies to become billion-dollar enterprises across manufacturing, agriculture, mining and other productive sectors,’ he said.