Nigerian industrial production has risen 100 percent in the last five years, and with increasing exports, Nigeria's balance of trade is entering an unprecedented rise, spilling over into increasing prosperity among Nigerians, according to CBN, the World Bank, and the African Development Bank.
The upscaling of Nigerian industrial production has been pioneered in Eastern Nigeria, in which, with the assistance of the Jonathan government, Innosun Motors, in alliance with other vehicle assembly plants, has been able to develop a vehicle design and construction system using materials sourced both from Nigeria and neighbouring African countries in a scheme enabled by regional partnerships brokered by ECOWAS and the African Union, and bolstered by the development of the iron and steel industry in Nigeria and the dramatic fall in production costs enabled by the near 100 percent electricity supply enabled by the maximisation of Nigerian power generation and distribution.
Vehicle production costs have fallen by 90% on account of the fall in overhead costs enabled by constant electricity and 90% sourcing of materials from within Nigeria and neighbouring African countries, with ECOWAS and the African Union brokering the elimination of import and export duties within African states.
These lower production costs and greater ease of access to lines of credit through a network of continent wide financial markets with global connections has enabled the development of a truly indigenous vehicle manufacturing industry that is exporting externally at such volume that Nigerian made cars are competing effectively against Japanese, German and US products in the global market.
Nigerian industry has also undergone a quantum leap through the government's enabling of partnership between Nigerian investors and Nigerian industrial developers and inventors who have thereby been enabled to build upon their heretofore neglected expertise in industrial creativity, leading to the birth of hundreds of companies.
Nigeria's film industry has also expanded its range of subject matter, plot and general narrative and technical skill so that its products reach a vast audience beyond its previous African global focus.
From occupying the number two place in global film production,distribution and sales, it has become no.1., edging out the US, represented by Hollywood.
" Imaginative projection is vital to development" - Oluwatoyin Vincent Adepoju-journal founder
Facebook home
Nigerian Development blog
Listserv moderated by Toyin Falola, University of Texas at Austin
To post to this group, send an email to USAAfricaDialogue@googlegroups.com
To subscribe to this group, send an email to USAAfricaDialogue+subscribe@googlegroups.com
Current archives at http://groups.google.com/group/USAAfricaDialogue
Early archives at http://www.utexas.edu/conferences/africa/ads/index.html
---
You received this message because you are subscribed to the Google Groups "USA Africa Dialogue Series" group.
To unsubscribe from this group and stop receiving emails from it, send an email to usaafricadialogue+unsubscribe@googlegroups.com.
For more options, visit https://groups.google.com/d/optout.
No comments:
Post a Comment