Expert blames slow economic progress for poor industrialisation

A Senior Partner and Economist at SPM Professionals, Paul Alaje has identified weak industrialisation as a major reason for Nigeria’s slow economic progress, while urging policymakers to prioritise the manufacturing and secondary sector, stating that Nigeria’s economic miracle is in the secondary sector.

Alaje made this disclosure at a Business, Economy and Financial Reporting training organised by Premium Times Academy in collaboration with the Central Bank of Nigeria in Abuja, stating that until the government fix that, successive governments will keep trying, but results will remain minimal.

He explained that, “In America, until it went through the Industrial Revolution, it never became a great nation, not even in the  manufacturing of weapons, same with Brazil, China has elevated 200 million people in less than two decades, which is Nigeria population in 20 years. The recent democracy is over 20 years old.

The secondary sector which is made up of manufacturing, industry and construction is the country’s best path to sustainable growth, he stressed.

Expatiating, he said, “The dominance of the tertiary sector over the years had stifled productivity and slowed development, while the primary sector, consisting of oil and gas,  mineral resources contributes significantly to government revenue, it does not generate broad-based employment or inclusive growth. Government should prioritise industrialisation and infrastructure investments. A vibrant secondary sector would stimulate job creation, improve exports and reduce the nation’s reliance on debt.”

The media, he emphasised, “should make it a point of duty to promote data-driven economic reporting and to track trends rather than isolated statistics, as sustained policy consistency and industrial development are key to achieving long-term stability. The focus for this training is on improving data-driven journalism and deepening understanding of monetary and fiscal policies.”

Also speaking at the event, the Senior Manager, Business and Partnerships at Premium Times Services Limited, Olayinka Lawal, said the Premium Times Training Academy was established to strengthen professionalism, ethics and excellence in journalism through continuous learning and practical exposure. Journalists he said are not only chroniclers of events but also nation-builders whose stories help shape perception, policy and progress.

He added that, Premium Times partnership with Central Bank of Nigeria for this training is to improve the quality of financial journalism and ensuring that economic reporting remains factual, ethical and insightful.

These two days training is designed to deepen participants’ understanding of Nigeria’s economic and financial systems, strengthen their analytical capacity and improve how complex financial policies are communicated to the public.