“The federal and state governments in Nigeria are always on the move, looking for foreign investments, when it could support a huge manufacturing hub like Nnewi to reach its limit and in turn help in growing the nation’s economy.”
These were the words of Prof. Kingsley Moghalu, Former Deputy Governor of the Central Bank of Nigeria, CBN, and presidential candidate of the Young Progressive Party (YPP).
Moghalu, a guest Speaker at the Nnewi 2020 Investment Summit, said that Nnewi may hardly become a successful manufacturing hub based on the efforts of the private sector alone hence the need for the federal government to provide the necessary amenities to make businesses thrive in the area.
In his paper, ‘Revitalizing the Manufacturing Hub of Africa‘, he said: “Nnewi is the only industrial town in the whole world that is growing without the support of government. It’s a huge manufacturing hub that was started from the scratch by indigenous people of the town, and has continued to grow without the support of the government.
“It will not be out of place to say that the federal government has abandoned Nnewi. Do you know what people in Nnewi will do if what government did at the Lekki Free Trade Zone is done here?.
“Let me tell you, manufacturing sector is the easiest way to grow the economy of a country. It doesn’t matter the number of mineral resources you have. How many mineral resources does China have? You can only survive by manufacturing and exporting your products, and that is why China is surviving today.
“That is why I always say that the chase for foreign Investment is a wild goose chase. If you create the right environment, investments will come. Money knows where to go and multiply, you do not need to go asking it to come. Instead of pumping in Naira to rival the dollar, why not create a manufacturing hub and once products are exported and foreign exchange is earned, you will see the economy grow on its own,” Moghalu said.