According to the UN estimates, the population of Nigeria is 185,567,003 and this is equivalent to 2.48% of the world’s population. Also, it is worthy of note that the average age of a Nigerian is 18 years. It is of great concern that a country with an average age of 18 years has no visible and feasible plan for the youth.
The current economic situation of the nation has called for a review in the economic policies, which in return should be less stringent because this current regulation has greatly hampered the growth of SMEs in the country. For instance, to secure a National Agency for Food and Administration and Control (NAFDAC) license is in the excess of #200,000 and its valid for two years, the implication of this exorbitant cost is to increase the total cost of production. Also, the requirements listed on the website of the Bank of Industry (BOI) can only be met by few entrepreneurs.
It is time the Federal Government put the ever increasing population into good use by making policies that would be friendly to entrepreneurs. Due to the fall in oil price there is a need for the diversification of the economy. Statistically, Nigeria is the most populous black nation and the 7th most populous in the world.
Furthermore, with the persistent fall in oil price there is a need for the country to source for a substitute, therefore, the country leaned towards industrialization. For proper industrialization to take place, certain parameters must be put into place: constant power supply, favourable fiscal policies, the indigenization law should all be less stringent for foreign investors, among others.
Finally, to ensure a sustainable industrialization process, the country should employ both the internal and external funding model. This is to break a potential challenge of an oligopolistic market. This would create a lot of competitors in the various markets.