Dr. John Isemede, an international trade expert and former Director-General of NACCIMA, has said Nigeria can achieve a one-trillion-dollar economy by fully harnessing opportunities in agriculture, solid minerals, and the services sector. He made this known during a courtesy visit to the News Agency of Nigeria (NAN) office in Lagos.
He described agriculture and solid minerals as “low-hanging fruits” capable of delivering rapid and sustainable growth if properly developed. He noted that while solid minerals contribute over 30 percent to South Africa’s GDP, the sector accounts for only about 0.1 percent of Nigeria’s GDP.
Isemede stressed the need for targeted investments, clear policies, and local value addition. According to him, Nigeria must move beyond primary production into processing and manufacturing to significantly increase revenue and export earnings.
He also expressed concern over the dominance of foreign operators in Nigeria’s mining industry, stating that Chinese interests account for about 62 percent of activities in the sector. He added that countries that began developing their mining sectors over a century ago now represent less than two percent of mining activities in Nigeria.
Prof. Eguakhide Oaikhinan of Ceramic Engineering supported the position and revealed plans to hold a summit later this year to expose the untapped potential of the solid minerals sector. Mrs. Ifeyinwa Omowole of NAN also encouraged Nigerians to engage actively in the solid minerals value chain to boost national economic growth.
