BY Kunle Daramola
Kenny Acholonu, chief innovation officer (CIO) of Micronutrient Laboratories Limited, will launch a book titled ‘Who Give You The Technology’ on June 20.
Former President Olusegun Obasanjo will serve as the chairman of the book presentation at the Nigerian Institute of International Affairs, Victoria Island, Lagos.
In the book, the entrepreneur questions the cliché that local raw materials are the pathway to Nigerian industrialisation and development, adding that “local raw materials are not a panacea for development”.
Acholonu said companies that use local raw materials usually produce commodity products, recommending that the government encourage policies to ensure these companies buy high-value, locally-made products.
“Many policymakers in Nigeria, particularly in Africa, continuously and erroneously promote the policy framework that says using local raw materials will add much economic value and lead to higher GDP growth,” he said.
“Contrary to global development experience, no one ever asked the Japanese, who import almost all raw materials, to use local raw materials in Japan. No one asks the Swiss, who also import nearly all raw materials, especially in the agricultural sector, to use local raw materials.
“What is necessary and sufficient for economic growth, higher GDP and getting our population out of poverty is to focus our policies on high-value products which pay high wages and lift the general population out of poverty.”
The book also provides a fresh perspective on the entrepreneurial journey of the award-winning scientist and business strategist.
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