The Chairman and Chief Executive Officer of Emirate Mall Ilorin, Alhaji Yusuf Abdullahi, has said Nigeria’s economic challenges are not caused by a lack of resources but by structural weaknesses that prevent productive growth.

Abdullahi stated that Nigeria must adopt a coordinated and multi-layered industrialisation strategy if it hopes to become Africa’s leading economic powerhouse.

Speaking in an interview on Thursday, he warned that fragmented policies and weak implementation systems would continue to slow national development if not urgently addressed.

“The dream of transforming Nigeria into an industrial hub that could lead Africa’s economic transformation must be approached with a multi-prong strategy that ensures industrial growth at various levels and across the country,” he said.

He noted that Nigeria possesses abundant natural and human resources but lacks the systems needed to turn those assets into wealth and improved public welfare.

“Nigeria’s problem is not about lack of resources, but deep structural weaknesses that hinder the productive conversion of those resources into wealth and public welfare,” he added.

Abdullahi stressed that small and medium-scale enterprises should be central to the nation’s industrialisation agenda because of their role in job creation and economic expansion.

He called for targeted support for businesses through affordable financing, tax reliefs, and better regulations.

“This could be in terms of start-up capital, low-interest loans with structured repayment plans, tax holidays, streamlined taxation, and duty-free importation of manufacturing equipment,” he said.

He also identified poor infrastructure, especially unreliable electricity and bad roads, as major barriers to industrial growth.

“If infrastructure like electricity and good roads are available, it would amaze you at the rate businesses would spring up and improve the macroeconomic status of Nigeria,” he stated.

The entrepreneur further cited insecurity as a serious threat to investment, saying many businesses have either shut down or reduced operations because of safety concerns.

“Security requires urgent and collective attention. The number of businesses abandoned and investors who have withdrawn because of insecurity is alarming,” he said.

Abdullahi said Nigerians remain highly entrepreneurial and can significantly drive growth if the business environment improves.

He added that his empowerment initiatives and investments, including Ilorin Emirate Mall, were designed to create jobs, support local commerce, and strengthen the economy.

He urged governments at all levels to embrace long-term planning and policy consistency to achieve sustainable industrial development.