Foremost industrialist, Aliko Dangote, has identified Nigeria’s large domestic market as an incentive to import substitution and diversification of the domestic economy. Dangote, speaking in Abuja at the Roundtable parley with the CBN Governor, Mr. Godwin Emefiele, with the theme ‘Going for Growth 2.0’, said the Asian Tigers are focused on exports because of the size of their markets, hence they produce for outside markets.
However, the business mogul said with the size of Nigeria’s domestic market, focus should be on import substitution, economic diversification and industrialisation so as to provide for the large domestic market and reduce the huge import bill, which stood at $47 billion as at 2019. He argued that if the nation can achieve 60 per cent in import substitution and diversification, this will create millions of jobs and drive inclusive growth. He identified agriculture and manufacturing sectors as the hub round which the nation’s economic diversification should be hinged to achieve the goal of sustainable national development. He also added that several countries have achieved industrialisation through backward integration.