African Development Bank Group president calls for increase industrial manufacturing

African Development Bank Group president calls for increase industrial manufacturing

(MENAFN- Caribbean News Global) COTE D'LVOIRE, West Africa – African Development Bank Group president Dr Akinwumi A. Adesina explains that low levels of industrial manufacturing is hampering economic growth and development in Nigeria and many other African countries. He said Nigeria must accelerate its manufacturing sector through integration and a rapid progression up global and regional value chains where it has a comparative advantage. Adesina was speaking at a lecture titled ''Overcoming Binding Constraints to Competitive Manufacturing for Intra-Regional Trade', which he delivered at the inaugural edition of the Adeola Odutola lecture series on Tuesday in Abuja. The series is organized by the Manufacturers Association of Nigeria. The African Development Bank head said:"The continent has abundant natural resources, oil, gas, minerals, metals, agricultural and forest products, and the blue economy. But tragically and ironically, Africa's massive natural resources have not translated into wealth." He added:"The low level of industrial manufacturing is at the core of the slow structural transformation of African economies," and represented a race to the bottom characterized by rising poverty, export of jobs, volatile commodity prices, and import dependency." Adesina recommended several policies, including the setting up of industrial digital skills academies to reskill and retool workers