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The Lagos Chamber of Commerce and Industry says that despite banking reforms, high financing costs are preventing manufacturers and small firms from expanding. It urges monetary authorities and banks to improve credit access for the real sector and warns that rising public debt could worsen the situation.
Former UNIDO Director‑General Dr Kandeh Yumkella told a Lagos audience that Nigeria possesses the core assets to lead Africa’s industrialisation, but must turn its market size, resources and entrepreneurial spirit into tangible manufacturing output and exports.
Professor Akpan Ekpo told ARISE NEWS that the World Bank’s forecast of 4.1 % GDP growth for Nigeria is insufficient to curb poverty, create jobs or transform the economy, and that only sustained double‑digit growth over the next 15‑20 years can deliver real change.