The Real Problem Isn’t Resources, Business Leader Reveals What’s Blocking Industrial Growth

(Alhaji Yusuf Abdullahi l Credit: Punch newspaper)

According to Alhaji Yusuf Abdullahi, Chairman and CEO of Emirate Mall Ilorin, Nigeria needs to implement a coordinated, multi-layered industrialization strategy in order to achieve its goal of becoming Africa's economic superpower.

Abdullahi cautioned that if the country's enormous economic potential is not immediately addressed, disjointed policies and shoddy execution frameworks will continue to threaten it.

In an exclusive interview with PUNCH Online on Thursday, the businessman stated that in order to promote equitable national development, industrial growth must be purposefully designed across all sectors and areas.

He said, "A multifaceted approach that guarantees industrial growth at various levels and across the country is necessary to realize the dream of transforming Nigeria into an industrial hub that could lead Africa's economic transformation."

Despite Nigeria's abundance of natural and human resources, he pointed out that a significant obstacle is the lack of a functional organization to turn these advantages into output.

"Deep structural weaknesses that impede the productive conversion of those resources into wealth and public welfare are Nigeria's problem, not a lack of resources," he stated.

Abdullahi emphasized that small and medium-sized businesses must be at the forefront of the nation's industrialization movement, characterizing them as essential to the growth of the economy and the creation of jobs.

He advocated for specific economic measures that would encourage the expansion of businesses, such as tax breaks, regulatory changes, and access to reasonably priced finance. 

"Start-up capital, low-interest loans with set repayment plans, tax holidays, simplified taxation, and duty-free importation of manufacturing equipment are some examples of this," he stated.

Inadequate power supplies and bad road networks, in particular, are major obstacles to industrial growth, according to the business leader.

"It would astound you at the rate businesses would spring up and improve the macroeconomic status of Nigeria if infrastructure like electricity and good roads were available," he continued.

He went on to emphasize insecurity as a significant deterrent to investment, pointing out that numerous companies have either closed or reduced operations as a result of safety worries. 

“Security requires urgent and collective attention. The number of businesses abandoned and investors who have withdrawn because of insecurity is alarming,” Abdullahi said.

He added that despite prevailing challenges, Nigerians have a strong entrepreneurial spirit, which, if properly harnessed, could significantly boost economic growth.

“My experience has shown that Nigerians are willing to invest and build businesses, but many are constrained by rising costs and an unfavourable economic environment,” he said.

Abdullahi explained that his empowerment initiative, which provided start-up capital to artisans, was aimed at tackling unemployment and supporting grassroots enterprise development.

He said strengthening local businesses would not only enhance economic resilience but also reduce dependence on imports.

The entrepreneur noted that his investments, including the Ilorin Emirate Mall, were designed to stimulate local commerce, create jobs, and attract investors to the state.

He said, "Building platforms that support businesses, create jobs, and enhance the economic ecosystem is our goal." 

In order to promote sustainable industrial growth, he urged governments at all levels to give long-term economic planning and policy coherence top priority.