Nigeria has very few industries, and very many that were left closed shop within the past three years after an economic recession hit the economy.

So, it wasn’t entirely surprising that the President of African Development Bank, AfDB, Akinwunmi Adesina pointed out that Nigeria’s industrial value dropped by 41% between 2012 and this year.

Adesina, said this in a keynote address delivered at the opening ceremony of the 2018 Annual Meeting of the lender at the Busan Exhibition and Convention Centre, South Korea, on Wednesday.

He said the African continent lost a total of $72 billion between 2012 and this year (so far) with Nigeria, South Africa, Egypt and Algeria accounting for most of the drop in value added through industrial production.

The AfDB boss said the loss of industrial production value was responsible for massive unemployment on the continent, adding that the bank planned to invest over $35 billion in the next 10 years in a bid to reverse the trend of de-industrialisation of the region.

“Between 2012 and 2018, Africa’s industrial value added declined from $702 billion to $630 billion, a loss of $72 billion. Among countries with the largest industrial output, industrial value added dropped sharply by 41% in Nigeria, 26% in South Africa, 64% in Egypt and 67% in Algeria.

“But some are doing well. Morocco’s industrial output expanded in the period by 16%, as it became the hub for global aeronautical companies.

“Ethiopia witnessed a fivefold increase in its industrial value added, driven by its heavy investments in industrial parks, special economic zones, and strategic partnerships with Chinese companies for its leather industry, and with global textile and garment companies.”

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