By Douglas BOATENG (Prof.)
When we think about industrialisation, it’s easy to picture sprawling factories filled with busy machines and vibrant assembly lines.
However, the world of industrialisation is so much richer than just manufacturing! It’s all about enhancing productivity, simplifying processes, and adding value across various sectors, from financial services and tourism to education and healthcare.
Industrialisation isn’t merely about building smokestacks; it’s about creating a strong economic foundation that inspires sustainable growth. Countries that recognize this have the potential to thrive and lead. On the other hand, those that overlook it may find themselves reliant on external influences that shape their economic journey.
- industrialising financial services – the engine of economic growth
In today’s world, financial services must be digitised, decentralised, and democratised. However, in many developing nations, financial exclusion continues to pose a significant barrier. A farmer without access to credit, a small business owner lacking digital payment options, and a workforce that does not have formal savings mechanisms are all symptoms of an under-industrialised financial sector.
Case study: the mobile money revolution in east Africa – Launched in 2007, Kenya’s M-Pesa revolutionised financial accessibility by enabling millions of unbanked citizens to join the formal financial system. This led to the growth of small businesses and economic expansion.
Following this model, Ghana and Nigeria have created strong fintech ecosystems that are transforming their economic environments. Meanwhile, in the United States, financial industrialisation has evolved into algorithmic trading, digital banking, and blockchain innovations. The lesson is clear: industrialising financial services is not an option; it is an economic necessity.
- Industrialising tourism: moving beyond scenery
Tourism should be an economic powerhouse, not just a postcard industry. Many developing nations continue to treat tourism as a passive sector. But industrialising tourism means integrating infrastructure, heritage preservation, and value-added services into a sustainable growth model.
Case study: Rwanda’s eco-tourism model – Rwanda has rebranded itself as an eco-tourism and conservation hub. High-end gorilla trekking experiences and sustainable tourism have turned its natural assets into a thriving industry. Jobs have been created. GDP has grown.
Compare this with Dubai, a desert with no natural tourist attractions. Through industrialisation, Dubai built luxury experiences, architectural marvels, and duty-free shopping havens. It became a global tourism capital. If a nation with no rivers, forests, or wildlife can industrialise tourism, what excuse do countries blessed with natural wonders have?
- Industrializing education: building a workforce for the future
Education is not just about schooling; it is about skilling. In many developing economies, education is a system of survival rather than a driver of innovation. Industrialising education means modernising curricula, integrating technology, and producing a workforce fit for the demands of the 21st-century economy.
Case study: the rise of Edtech in India and Africa – India’s BYJU’s, a billion-dollar EdTech platform, has revolutionised digital learning. African nations are beginning to follow suit. In Nigeria and South Africa, digital education startups are bridging the gap for underserved populations. Meanwhile, Germany’s vocational education model ensures that students graduate with industry-relevant skills. The takeaway? Education should not just create degree holders. It should produce problem-solvers, innovators, and wealth creators.
- Industrialising agriculture: from subsistence to agribusiness
Agriculture should be Africa’s golden ticket. Instead, it remains trapped in low productivity and raw exports. Industrialising agriculture means shifting from subsistence farming to value-added agribusiness.
Case study: Nigeria’s agro-industrial zones – Nigeria’s Staple Crop Processing Zones are turning agriculture into a high-value industry. Instead of exporting raw crops, Nigeria is processing them locally, creating jobs, wealth, and food security. Meanwhile, the Netherlands, a nation smaller than many African countries, is the world’s second-largest agricultural exporter. It has industrialised farming through technology, precision agriculture, and efficient supply chains. Africa possesses the land, climate, and manpower. The only missing ingredient? Long-term planning and strategic execution.
- Industrialising healthcare: innovating for access and growth
A thriving economy is of little value if its citizens are too unhealthy to support it. Modernising healthcare involves using technology, manufacturing pharmaceuticals locally, and establishing strong supply chains.
Case study: South Africa’s pharmaceutical breakthroughs – South Africa produces HIV/AIDS medications locally, reducing dependency on expensive imports. This has cut treatment costs and created a thriving pharmaceutical industry. China has transformed healthcare by integrating traditional medicine with contemporary research, creating a global health powerhouse. If other countries can cultivate their own medical solutions, why can’t African nations work together to do the same?
Industrialisation: A comprehensive imperative
Industrialisation must not be confined to factories. It must be a cross-sector strategy that drives productivity, innovation, and wealth creation. Nations that fail to industrialise beyond manufacturing will forever export raw materials while importing finished goods at a premium. Nations that solely industrialise their factories while disregarding their financial systems, educational structures, tourism, and healthcare services resemble a bird with only one strong wing. Although it may attempt to flap, it will never achieve true flight.
Conclusion: the power of long-term thinking
Industrialisation is not just a policy choice. It is the foundation of economic sovereignty. Nations that fail to industrialise beyond factories will remain trapped in a cycle of dependence. Those who take a long-term, strategic approach will shape their own destiny. The future belongs to countries that see industrialisation as a mindset, not just a manufacturing strategy. Those who invest in financial systems, education, tourism, agriculture, and healthcare will not only grow but thrive. Real progress is not built on quick wins but on long-term vision, strategic execution, and relentless commitment.
History demonstrates that nations that dared to look beyond the present became the architects of their futures. Africa’s rise is not a question of possibility but of purpose, patience, and planning. The raw materials of success, resources, talent, and potential are already present.
What remains is the determination to industrialise every sector, create lasting value, and drive transformation for generations to come. The pathway to sustainable prosperity is built on foresight and discipline. Nations that engage in long-term thinking will not only survive; they will thrive. Africa must now establish, innovate, and take control of its future through industrialisation.
>>>the writer is a globally celebrated thought leader, Chartered Director, industrial engineer, supply chain management expert, and social entrepreneur known for his transformative contributions to industrialisation, procurement, and strategic sourcing in developing nations.
As Africa’s first Professor Extraordinaire for Supply Chain Governance and Industrialization, he has advised governments, businesses, and policymakers, driving sustainability and growth. During his tenure as Chairman of the Minerals Income Investment Fund (MIIF) and Labadi Beach Hotel, he led these institutions to global recognition for innovation and operational excellence. He is also the past chairman of the Public Procurement Authority.
A prolific author of over 90 publications, he is the creator of NyansaKasa (Words of Wisdom), a thought-provoking platform with over one million daily readers. Through his visionary leadership, Professor Boateng continues to inspire ethical governance, innovation, and youth empowerment, driving Africa toward a sustainable and inclusive future.
