The International Monetary Fund says that subsidies, tax incentives, infrastructure development and protective regulations will help fast-track the growth of industries in Nigeria and other emerging market economies.
The Washington-based lender noted that when implementing industrial policy as part of their growth strategy, countries were often faced with competing objectives, such as securing sustainable economic growth, maintaining financial and fiscal stability, and establishing national champions.
The report says establishing national champions was often a distinct objective of a nation’s growth strategy.