Nigeria needs to invest in manufacturing like China to create jobs

Nigeria needs to invest in manufacturing like China to create jobs — Duggan

Catherine Duggan, director, University of Cape Town Graduate School of Business

Catherine Duggan, director, University of Cape Town Graduate School of Business has said that Nigeria needs to focus on building more manufacturing companies to boost its economy like China.

Duggan disclosed this during the 15th edition of BusinessDay’s CEO Forum themed: ‘Leadership in Tough Economic Times’ on Thursday.

“China is putting all it has into manufacturing and factories to create jobs. It is doing so to get its economy back on track,” Duggan said.

The former professor at Harvard Business School said that following the COVID-19 pandemic, youth unemployment grew 21 percent, and the Chinese economy is improving through renewed investment in industrialisation.

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She stated that Nigeria needs to harness its youth population assets as “new markets, new ideas come from young people”.

China, the most populous nation after India, has a gross domestic product of over $17 trillion, the highest after the USA.

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Wasiu Alli and Chinwe Michael

Wasiu Alli is a business, economics cum data journalist with strong expertise covering macro trends, capital markets, government policies, corporate earnings and comparative economics analysis. Alli turns raw data into trends that not only tells compelling stories but nudges investors to make valued and informed decisions. He’s an alumnus of Lagos State University and trained at Lagos Business School. He formerly heads the Companies and Markets desk at BusinessDay where he writes and supervises the production of well researched articles on earnings updates, corporate sectoral comparisons, market intelligence as well as interviews with C-suite executives.