Nigeria, a nation teeming with over 220 million vibrant population, proudly boasts the title of the giant of Africa and the continent’s economic powerhouse, considering its huge market and natural resources. Amidst this demographic dynamism, an ambitious quest to redefine economic development is underway. Traditionally dominant sectors like manufacturing have witnessed a gradual shift towards more innovative realms. It is within these domains that the promise of economic growth and abundant job opportunities now resides.
What is IWOSS?
Industries Without Smokestacks (IWOSS) encompass service-based sectors that fuel economic growth without heavy reliance on physical manufacturing. These industries, such as agro-processing, financial services, and information technology, are characterized by their high tradability, capacity to employ a large workforce, and potential for technological advancement. IWOSS play a vital role in sustaining and advancing economies, providing diverse opportunities for employment and innovation. They are particularly crucial in today’s digital age, where technology-driven services increasingly shape global economic landscapes. Recognizing the significance of IWOSS can lead to strategic economic development and job creation, positioning nations as dynamic players in the global market.
A Vision for the Future
Industries without Smokestacks, aptly termed IWOSS, herald a new era of sustainable employment for Nigeria. These sectors, including agro-processing, financial and business services, ICT, tourism, formal trade, and transport, represent the vanguard of economic transformation.
Resonating with the tradability and job-absorption capacity akin to manufacturing, IWOSS also beckon with the promise of technological evolution and heightened productivity.
In times of crisis, IWOSS has proven itself to be remarkably resilient. Amidst the challenging backdrop of the Covid-19 pandemic, it remained a steadfast catalyst for change, illuminating a path of hope for Nigeria’s burgeoning youth. Yet, the full potential of IWOSS remains untapped, awaiting the strategic branding of Nigeria as the Central IWOSS hub—analogous to China’s global stature as the manufacturing capital.
Fintech: Pioneering Financial Inclusion
Consider the financial landscape of Nigeria and the broader African continent. A significant portion of transactions still lingers in cash, offering fertile grounds for fintech innovations. Nigeria stands poised to cultivate an innovative ecosystem, accelerating financial inclusion, fortifying payment systems, and propelling economic prosperity across Africa. By branding Nigeria as the Fintech Center of Africa and the world, we beckon key investments and collaborations, poised to transform Nigeria into a pivotal hub of fintech ingenuity.
IWOSS: A Beacon for Women Empowerment
In the realm of IWOSS, physical prowess takes a backseat, paving the way for greater gender inclusivity. Women find themselves on an equal footing, availing opportunities for remote work and work-life balance. Success in IWOSS will be a boon for women empowerment in Nigeria and across the continent, ushering in an era of inclusive progress.
A Haven for Youth Empowerment
The youth, often grappling with the challenge of entering a competitive job market, discover in IWOSS sectors a promising frontier. The dynamic and innovative nature of these industries align seamlessly with the creativity and adaptability of youth. The digital economy, e-learning platforms, and online entertainment have surged, opening gateways for young individuals to contribute meaningfully and earn sustainable incomes.
To harness this potential, Nigeria’s educational landscape must pivot towards aligning programs with IWOSS requirements. By revamping curriculum and training, we pave a seamless pathway for young Nigerians to participate actively. Investment in high-speed internet and reliable power supply is imperative, ensuring a conducive environment for IWOSS to flourish. The promotion of STEM education, especially among girls and women, narrows the gender divide and augments their prospects for meaningful employment.
How to Make It Happen
To make Nigeria the IWOSS capital of the world, the government needs to take a number of steps, including:
- Invest in education and skills training: The government needs to invest in education and skills training programs to ensure that Nigerians have the skills they need to succeed in IWOSS industries. He good thing is, an average Nigerian youth is interested and eager to learn the next big thing, particularly in the tech sector.
- Improve infrastructure: The government needs to improve the country’s infrastructure, including roads, especially power, and telecommunications. This will make it easier for IWOSS businesses to operate and grow.
- Create a supportive environment for innovation and entrepreneurship: The government needs to create a supportive environment for innovation and entrepreneurship. This includes reducing bureaucracy, providing tax incentives, and investing in venture capital funds. The ease of doing business initiative could be relaunched specifically for this purpose.
- Market Nigeria as the IWOSS capital of the world: The government needs to market Nigeria as the IWOSS capital of the world to foreign investors and tourists. This can be done through trade shows, investment conferences, and marketing campaigns. Estonia did this with e-Estonia, with its e-government, which seas the European Baltic Sea nation becoming a target for several startups, attracting foreign direct investment.
Charting a New Course: Nigeria – The IWOSS Capital of Africa
Branding Nigeria as the IWOSS Capital of Africa marks a monumental paradigm shift, positioning the nation as the industrial powerhouse of the continent for decades to come. This audacious vision is not merely an economic pursuit, but a clarion call for empowerment, inclusivity, and sustainable progress. Together, let us embark on this transformative journey, where the promise of IWOSS illuminates the path to a brighter future for Nigeria and Africa at large.
Prof. Priya Sabaprakan- Nation Brand Specialist and Brand Advisor
