Peter Obi Urges Shift from Consumption to Production, Says Manufacturing Contributes Just 7.5% to Nigeria’s GDP

LAGOS — Former Anambra State Governor and Nigeria Democratic Congress (NDC) presidential candidate in the upcoming 2027 election, Peter Obi, has called for a deliberate shift from a consumption-driven economy to a productive economy, identifying manufacturing as a critical sector for job creation, export growth and improved living standards in Nigeria.

Obi made the call on Friday in Lagos while attending the inauguration ceremony of the newly elected President of the Manufacturers Association of Nigeria (MAN), Dr. Eric Okoye, at the Oriental Hotel.

The former governor, who said he had honoured an invitation from Okoye and former presidents of the association, disclosed that he interacted with the new MAN president and other members of the manufacturing community on the sidelines of the event.

He stressed that Nigeria had enormous untapped potential in manufacturing but needed appropriate government policies, a more supportive business environment and stronger collaboration between the public and private sectors to unlock the sector’s capacity to drive economic growth.

According to Obi, manufacturing accounts for approximately 7.5 per cent of Nigeria’s gross domestic product (GDP), a contribution he contrasted with the higher figures he cited for several other developing economies.

He put manufacturing’s contribution to GDP at about 14 per cent in Egypt, 15 per cent in Morocco, 25 per cent in Vietnam, 19 per cent in Indonesia and 20 per cent in Bangladesh.

The figures, he argued, underscored the scope for Nigeria to strengthen its industrial base and increase the contribution of manufacturing to national output.

Obi maintained that the country needed to move beyond an economic model heavily dependent on consumption towards one that prioritised production, value addition, employment generation and competitiveness in international markets.

“We must therefore deliberately move from a consumption-driven economy to a productive economy, one that produces, creates jobs, adds value and competes successfully in the global market,” he said.

He identified a stronger manufacturing sector as essential to expanding employment opportunities, strengthening domestic productive capacity, reducing dependence on imported goods and increasing Nigeria’s export earnings.

According to him, expanding local manufacturing would also help improve the standard of living by creating more economic opportunities and strengthening the productive foundation of the economy.

Obi congratulated Okoye and his team on their inauguration and wished them a successful tenure, while expressing his readiness to maintain engagement with the manufacturing sector.

He said sustained interaction between policymakers and manufacturers would be important in building a more productive and prosperous Nigeria.