Nigeria has secured its place as the eighth most industrialized nation in Africa, according to the Africa Industrialization Index (AII), News About Nigeria checked.
The report published by the African Development Bank (AfDB) in partnership with the African Union (AU) and the United Nations Industrial Development Organization (UNIDO), revealed that Nigeria is one of only two West African nations to be featured in the top 10 rankings.
The report serves as a critical tool for assessing the current state of industrial development across the African continent, highlighting disparities and offering insights for fostering economic growth, boosting exports, and diversifying economies.
It also provides African governments with valuable data to identify optimal strategies for industrial progress.
The report evaluates industrialization in African countries based on key metrics, which include manufacturing efficiency, capital investment, labor dynamics, business climate, infrastructure quality and macroeconomic stability.
Additionally, it assesses industrialization from three distinct perspectives: performance, direct determinants and indirect determinants. Direct determinants focus on crucial resources like capital and labor and examine how efficiently these resources drive industrial growth.
Indirect determinants encompass favorable environmental conditions such as macroeconomic stability, strong institutions and well-developed infrastructure.
While Nigeria may have missed out on the top 10 list of the wealthiest African nations compiled by the World Bank, its ranking as the eighth most industrialized country in Africa highlights its potential for economic development and industrial growth.
This recognition positions Nigeria as a key player in Africa’s ongoing efforts to expand its industrial sector and foster sustainable economic progress.
Here is the complete list of the top 10 African nations ranked according to their industrialization: