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Nigeria’s economic development hinges on manufacturing growth, according to Dr. ‘Biodun Adedipe, Founder and Chief Consultant of B. Adedipe Associates Limited. 

Speaking at the 2025 economic outlook event organized by the Nigerian-British Chamber of Commerce (NBCC) in Lagos, Adedipe emphasized that the country’s fundamental problems, including food, energy, and manufacturing deficits, can only be addressed by increasing production.

Adedipe noted that policymakers often focus on symptoms rather than the root causes of these deficits. He stressed that anywhere there is a deficit, there is an opportunity for growth. In the last year and a half, various reforms have been implemented, which are crucial for businesses to operate efficiently. Adedipe highlighted tax reform as a game-changer for the country, warning that reversing reform would be anti-growth.

The government’s role in creating the right infrastructure for businesses to thrive is crucial, Adedipe said. He cited the example of refineries springing up in the country, which will reduce imports and have a positive impact on the naira.

Adedipe criticized Nigeria’s reliance on the International Monetary Fund’s (IMF) recipe of devaluing the domestic currency, stating that this approach only addresses financial symptoms rather than underlying structural problems. Instead, he advocated for expansive domestic manufacturing, agriculture, and export-driven growth.

Other industry experts echoed Adipe’s sentiments. Dr. Olamilekan Adelana, CEO of Zenith Carex International, emphasized the importance of the logistics sector in supporting all sectors of the economy. Christopher Ezeafulukwe, Managing Director/CEO of Transcorp Energy Limited, noted that the country’s approach to infrastructure must change to drive growth. Obafemi Banigbe, Managing Director/CEO of 9mobile Nigeria, highlighted the telecoms industry’s potential for growth, despite current challenges.

In his remarks, President & Council Chairman of the NBCC, Ray Atelly, emphasized the need for businesses to stay ahead of emerging trends and disruptions. He identified key areas of focus, including shifts in international trade dynamics, evolving regulatory policies, technological advancements, and geopolitical influences.

Atelly noted that innovations such as artificial intelligence, digital finance, and green energy are reshaping industries, and organizations must adapt to remain competitive. “With innovations such as artificial intelligence, digital finance, and green energy reshaping industries, organizations must adapt to remain competitive,” he said.

Additionally, Atelly highlighted the importance of navigating fluctuations in supply chains, interest rates, and consumer behaviors, which require informed decision-making.

The event provided a platform for industry experts to share insights and discuss strategies for navigating the complex economic landscape.

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