Why Nigeria must shift from consumption to industrial production — TR Group

…backs Tinubu, Hamzat ahead 2027

The Renewal Group (TRG), a political pressure organisation, has stressed the urgent need for Nigeria to transform its economy from one driven largely by consumption into a productive industrial powerhouse.

Speaking at a news conference in Lagos, Lai Omotola, the group’s Convener, said sustainable economic growth, job creation and poverty reduction could only be achieved through increased productivity across all sectors of the economy.

According to him, Nigeria’s political leadership must move beyond rhetoric and begin to articulate practical, implementable strategies capable of driving industrialisation and long-term economic development.

Omotola argued that while many stakeholders have correctly identified the country’s economic challenges, the major gap remains the absence of clear execution plans to achieve meaningful transformation.

“Everyone already understands the problems confronting the country. The real issue is not identifying them, but developing a workable roadmap to address them,” he noted.

He observed that calls for Nigeria to become an industrial giant would remain mere aspirations without concrete policies, implementation frameworks and measurable targets.

The group also declared its support for the re-election of President Bola Tinubu in the 2027 general election, saying the administration should be given the opportunity to consolidate its economic reform agenda, just as they backed the emergence of Obafemi Hamzat, the incumbent deputy governor of Lagos State, as the consensus governorship candidate of the All Progressives Congress (APC).

Omotola believed that in addition to Tinubu’s efforts at repositioning the economy, he should be given the opportunity as a southerner to complete two-teem tenure.

He stressed that government’s primary responsibility is to create an enabling environment through policies that support enterprise, investment and productivity.

According to him, elections and political activities are temporary, but the long-term prosperity of Nigerians will ultimately depend on the productive capacity of the economy.

“The only sustainable way to reposition Nigeria is by building a productive economy. We must begin to prioritise productive work and value creation across all sectors,” he stated.

He further maintained that improved productivity would play a critical role in tackling the country’s rising unemployment and poverty levels, adding that economic growth must be anchored on industrial output rather than consumption.

“The only way we can truly transform this country is by becoming productive as a nation,” he added.