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The Senior Special Adviser to the President on Industrialisation at the African Development Bank Group, Prof. Banji Oyelaran-Oyeyinka, on Monday, called for a shift from a consumption-based to a production-driven economy to break the cycle of poverty in Nigeria.
Speaking at the Agriculture Summit Africa Conference in Abuja, themed, ‘From Scarcity to Security’, Oyelaran-Oyeyinka delivered a keynote address titled, ‘Building a Production Nation’. He emphasised the need to develop infrastructure, foster rural industrialisation, and create markets for locally produced goods as critical steps toward transforming the country’s economy.
“This is not an abstract ideal, but a pressing necessity. We cannot continue living in the cycle of poverty accommodation. We must break free from this destitution equilibrium and create opportunities for the rural poor to actively participate in the economy,” he stated.
He stressed that stakeholders must commit to transitioning from scarcity to security by embracing models such as Special Agro-Industrial Processing Zones (SAPZ), enhancing agricultural and industrial sectors, and investing in human capital.
“The future is within our grasp; let us not waste this opportunity to create a more prosperous and equitable nation for all,” he stated.
Oyelaran-Oyeyinka explained that rapid industrialisation, coupled with the emergence of secondary cities hosting clusters of small and large firms, is essential for economic security.
He noted that historically, industrial growth has been tied to the rise of large markets, underscoring the interplay between production and market development.
He described the SAPZ model as a template for uplifting rural communities by addressing poverty and empowering them as markets with significant spending power.
“Transforming the rural economy is a prerequisite to industrialisation. As we build production structures, we must also build markets. The SAPZ industrial clusters aim to eliminate the isolation faced by rural farmers and create vital networks for human interactions and logistics,” he said.
Oyelaran-Oyeyinka lamented the decline of Nigeria’s industrial sector, which has seen its contribution to GDP drop to less than 10% since the 1970s. This trend of premature deindustrialisation has left the country heavily reliant on imports and unable to compete globally.
To reverse this, he proposed a comprehensive rural industrialisation strategy based on seven pillars, including; revitalising rural areas using the SAPZ model to drive commercialisation, improve productivity, and open foreign markets for local produce, implementing social insurance and welfare programs to enable the poor to participate more actively in the economy, enhancing agricultural productivity through better seeds, fertilisers, mechanisation, and improved farming practices to boost food security, among others.
He emphasised that industrialisation-induced growth is Nigeria’s most urgent goal and a critical step toward creating a sustainable and equitable economy.
Funmi Ogundare
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