A Paper presented by Mr. Oluseye Oyeleye; Director General, DAWN Commission at the 35th Annual General Meeting of the Manufacturers Association of Nigeria Southwest Branch on Thursday, 6th September, 2018.
Manufacturing, without argument, is a vital driver of development. Although there is an ongoing debate about the future driver of growth and development between Manufacturing and the Service sector, it is however evidenced that Manufacturing has the highest multiplier effect on any major sector of the economy.
The rapid growth of an economy largely depends on the productivity of manufacturing. Manufactured goods are crucial trade, service industries, economic value recreation (income and employment), poverty reduction and national power.
Over the last 100 years, the “Great Powers”, or most powerful four or five countries have been determined by their capacity to produce manufactured goods; they have control over 70 percent of global industrial productions, which are used to generate wealth and military power.