Professor of Industrial Economics at the University of Lagos, Margaret Abiola Loto, has called on the Nigerian government to focus on developing the manufacturing sector of the country’s economy to facilitate development in other sectors of the economy.
She made this call on Wednesday, August 9, 2023 while delivering the twenty-third Inaugural Lecture in the 2021/2022 Academic Session of the University of Lagos titled: Manufacturing: The Roadmap To Sustainable Development -The Missing Link”.
Professor Loto posited that if policymakers could focus on righting the wrong policies, target these right policies at the right aspects of the economy and improve upon aiming for the right timing for such policies, there would be considerable improvement in Nigeria’s sustainable development.
During her lecture, she scrutinized the reasons behind the failure of the manufacturing industry to perform its role as the bedrock to economic growth and sustainable development in Nigeria. Her queries revealed that the manufacturing sector of the Nigerian economy was not exposed to the manufacture of intermediate and capital goods that can produce other goods.
She further delved into examining the structure and weak points of the origins of manufacturing, focusing her research on how this important sector can come out of the abyss.
Professor Margaret Loto made several notable recommendations, some of which are: Investments should be made in core manufacturing industry.
According to her, if Nigeria can invest in just one of the core manufacturing industries (e.g., iron & steel industry, petrochemical, rolling mills etc.) and successfully develop it to operate at full capacity, Nigeria will never lack.
With vivid descriptions she provided explanations how Nigeria can benefit from investing in the iron & steel industry, saying Nigeria should adopt a SMART (Specific, Measurable, Achievable, Relevant and Time-based) productivity strategy.
She advocated by creating a simple, focused plan with clear steps and outcomes will help individuals (workers and consumers), business leaders, and analysts (e.g., policymakers and government statisticians) know exactly what to do, stay on task and set them up for success.
Research and development must originate from universities through funding and conducive environment.
Waste should be prevented and recycling encouraged.
Local sourcing of raw materials must be strongly encouraged.
Education must be respected.
Professor Loto reiterated that “education is key, education is power, and education is knowledge” and that for public policy to be meaningful and properly interpreted, education must be strengthened.
Professor Loto firmly believed that once the recommendations she made are put in place, “even though they did not address the root cause of the manufacturing (that is, the origin of inefficiencies in the sector), at least to an extent, there will be room for productivity improvement in manufacturing. With productivity improvement, there will be room for more employment of labour and capital, an increase in capacity utilisation, a healthy balance of payment position, a better competitive edge in the international market and reasonable foreign exchange earnings that can cater for the import bill of the sector.
Professor Ayodele Atsenuwa, Deputy Vice-Chancellor (Development Services) who represented the Vice-Chancellor of the University of Lagos (UNILAG), Professor Folasade Ogunsola lauded Loto’s, immense contribution to knowledge and improving the world.
She added, “Thus in the parlance of learned academics, discharged and acquitted her on behalf of the University of Lagos Senate for paying her academic debt to the University.
Subsequently, Professor Margaret Loto was warmly welcomed to the Committee of Professors that have paid their debts.
