Nigeria’s challenge is structural, not lack of resources — Entrepreneur
The Chairman and Chief Executive Officer of Emirate Mall Ilorin, Yusuf Abdullahi, has said Nigeria must adopt a coordinated and multi-layered industrialisation strategy to achieve its goal of becoming Africa’s economic powerhouse.
In an interview on Thursday, Abdullahi warned that inconsistent policies and weak implementation frameworks continue to limit the country’s economic potential. He stressed that industrial development must be deliberately structured across sectors and regions to ensure inclusive growth.
According to him, Nigeria is richly endowed with both natural and human resources, but lacks the systems needed to translate these advantages into productivity and national prosperity. He described the country’s core challenge as deep structural weaknesses rather than resource scarcity.
Abdullahi emphasised the critical role of small and medium-scale enterprises, noting that they are central to job creation and economic expansion. He called for targeted policies to support businesses, including access to affordable financing, tax incentives, and regulatory reforms.
He also identified poor infrastructure — particularly unreliable power supply and inadequate road networks — as a major obstacle to industrial growth. Improved infrastructure, he said, would significantly boost business activity and strengthen the economy.
The entrepreneur further highlighted insecurity as a key concern, noting that it has forced many businesses to shut down or scale back operations, while discouraging potential investors.
Despite these challenges, Abdullahi expressed confidence in the entrepreneurial capacity of Nigerians, saying many are willing to invest and grow businesses but are constrained by high costs and an unfavourable economic climate.
He added that his empowerment initiatives, including providing start-up capital to artisans, are aimed at reducing unemployment and promoting grassroots enterprise development. He noted that his investments, such as the Ilorin Emirate Mall, are designed to stimulate local commerce, create jobs, and attract investment.
Abdullahi urged governments at all levels to prioritise long-term economic planning and maintain policy consistency to drive sustainable industrial growth in the country.
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