President Bola Tinubu has said that Nigeria’s increasing population needs industrial solutions that will transform it into “demographic dividends”.
Tinubu, who stated this on Wednesday at the Taraba International Investment Summit, tagged ‘Taravest,‘ in Jalingo, the state capital.
The President, who was represented by Vice President Kashim Shettima, said the country cannot live on raw produce and unprocessed minerals, but needs factories to add value, clusters to drive innovation, and industrial parks to turn ideas into impact.
“We know that our growing population is a cry for an industrial solution. But above all, we need visionaries. We need those who see beyond the narrow confines of trade and into the transformative possibilities of industry.
“We need people like Aliko Dangote. We need people like Tony Elumelu. The trajectory of global growth is facing Africa, and Nigeria will make or mar that transition,” he added.
Tinubu said that with the projection that Nigeria will be the third most populous nation on earth by 2050, the increase would become a demographic disaster if not well-harnessed.
“Our population will hit 440 million people. And what are you going to do with the anticipated population bulge? We can turn the anticipated bulge into demographic dividends, or it will be the demographic disaster that will consume all of us.
“I believe we have the men, the resources, and the capabilities to transform our young population into engines of growth. The whole of Europe is aging. Even the Asian tigers are aging; China is aging,” he said.
He said that Nigeria’s could harness its young and virile population amid the global talent deficit.
The President said, “The highest we have ever earned from the process of oil was $35 billion in 2011 under former President Goodluck Ebele Jonathan. From outsourcing alone, India generated $120 billion last year. So the opportunities abound.
“There are more English speakers in Nigeria than in India, and with all due respect, the intonation, I believe, most of the Western audiences here could get what I was talking about.
“The intonation of the Nigerian English, with all due respect, is superior to the Indian variety. Am I not right? And our proximity to Europe is an added advantage.
“So I wish to call on all of us: irrespective of differences in political affiliations, religious persuasion, tribal or sectional background, let us fuse into one, because poverty knows no ethnicity, no religion, or no tribe. Let us unite as a people.”
Why Investment Summit Matters
He noted that the summit was significant because Taraba offers Nigeria a strategic contribution to the nation’s shared prosperity, more than its breathtaking mountains and other side attractions.
He said, “Each part of Nigeria is a gift to the other. Each complements the other so profoundly that the deficiency of one region is often redeemed by the sufficiency of the other.
“Our ultimate awakening as a nation begins with this realisation that no part of this country can thrive in isolation. That is why we are here; that is why this summit matters.”
Tinubu said the world was experiencing a new wave of industrial revolution, a situation he said calls for an increase in the scale of Nigeria’s productivity to reflect the magnitude of its population.
“It demands that our farmers transition from the use of horses and cutlasses to tractors and harvestors. It demands that our energy suppliers move beyond power and household to energising large-scale industries.
“Our mining sector must also evolve to meet global demands and standards. This is how we compete with the rest of the world. This is how we stay relevant,” he added.
He, however, said the reforms undertaken by the Federal Government were not arbitrary but deliberate steps to build an economy where enterprise thrives, “while the competence of investors is not a gamble but a guarantee”.
The President added, “What we seek are collaborators, partners in progress. The government is fully committed to supporting every step you take after this gathering. We are not distant observers. We are here with you, ready to provide the institutional backing to turn ideas into accomplishments.”
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