Former President Olusegun Obasanjo, on Friday, questioned the growth of Nigeria’s Gross Domestic Product (GDP), saying it was not realistic, given the level of poverty in the country.
Speaking at the 40th Annual General Meeting (AGM) of the Manufacturers Association of Nigeria (MAN), he also described the country as a toddler in industrialisation.
“If in 2004, the percentage of poor people in Nigeria was 54 per cent, in 2011 it was 38 per cent, now it is 69 per cent and yet, we say the GDP growth is increasing. It means something is very wrong.
“There is no doubt that poverty is still on the increase. Vision 20:2020 will be a hopeless issue with the rate of poverty in the land. GDP growth is important, but not enough
“We are not yet there and in fact, we are far from getting there. We are still an infant, and an infant must be taken care of, pampered and nurtured before he can stand,” he said.
Obasanjo urged the government to continue to support backward integration, adding that what happened in the cement sector could be achieved in other sectors of the economy.
He stressed the need for manufacturers to continue to support the Federal Government.
President Goodluck Jonathan, who was represented by the Minister of State for Trade and Investment, Dr Samuel Ortom, charged the manufacturers to be committed to the growth and development of the economy.
He said: “On the part of government, we are working towards an actionable industrial policy and a robust industrial revolution action plan, tailored along sector specific lines, in order to provide special incentives to each subgroup in the manufacturing sector, with special emphasis in areas where we possess comparative and competitive advantage.
“As soon as the policy is in place, you will see the industrial revolution, which you desire, and I want to assure you that government will continue to support the manufacturing sector.
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