Investment in infrastructure crucial for Africa’s industrialisation — Experts

Development experts at the 2021 African Economic Conference (AEC) say investment in infrastructure is crucial for the industrialisation of Africa.

Delivering a paper on ‘Globalisation and Industrial Development in Nigeria’ at the ongoing AEC on Saturday in Cabo Verde, Olufemi Samuel Omoyele, a development expert, said industrial development in the country was a necessary condition before globalisation could bring fortunes to Nigeria.

He said economic globalisation was not good for the country because its economy was so dependent on crude oil revenue, and not very competitive.

He added that before the current wave of economic globalisation could be a cure for Nigeria, the country’s government should first implement policies that would drive the largest proportion of foreign direct investment (FDI towards the manufacturing sub-sector.

 Making his own contribution to the discourse, GZ Nkemgha, in a paper titled ‘Effect of infrastructure development on industrialisation through financial development and human capital in Africa’ said policymakers in Africa in their quest for industrialisation should invest in infrastructure.

He said financial development and human capital are the channels through which infrastructure development can make an impact on industrialisation in Africa.