Lagos:President Bola Tinubu has assured manufacturers of the Federal Government’s dedication to implementing the Nigeria Industrial Policy (NIP). Addressing participants at the sixth Adeola Odutola Lecture and 54th Annual General Meeting of the Manufacturers Association of Nigeria (MAN), Tinubu emphasized the government’s strategic measures to enhance the industrial sector.
According to the News Agency of Nigeria, Tinubu, represented by Minister of State for Industry, Sen. John Enoh, highlighted that the NIP’s success would be measured through tangible outcomes such as the reopening of factories, increased capacity utilization, job creation, export activities, and the establishment of new factories. He instructed the Ministry of Industry, Trade and Investment to hold quarterly delivery dialogues with MAN, ensuring accountability and ongoing evaluation of the policy’s effectiveness.
The President stressed the importance of addressing critical areas like energy, capital, markets, security, and accountability to accelerate industrial growth. He underscored the need for reliable power, prioritizing gas for industry, and collaborating with financial institutions to provide affordable financing.
Tinubu’s remarks also included a focus on the Nigeria First policy to encourage procurement of locally made goods, and initiatives such as the National Single Window to streamline port operations. He urged manufacturers to enhance production capacity, adhere to international standards, and treat the African market as their primary consumer base.
MAN President, Mr. Francis Meshioye, emphasized that Nigeria’s industrial ambitions require more than policy declarations, advocating for improvements in productivity, investment, and the business environment. He called for swift execution of the NIP with clear objectives and accountability mechanisms, and suggested the creation of a Nigeria First Industrial Fund to support local value addition.
In his keynote address, Dr. Kandeh Yumkella, former Director-General of the United Nations Industrial Development Organisation, pointed to Nigeria’s potential to become an industrial powerhouse given its market size and resources. He identified energy as a critical challenge, advocating for leveraging gas, hydro, and solar resources to meet industrial power demands. Yumkella also emphasized regional collaboration and specialization under the African Continental Free Trade Area (AfCFTA) to drive industrial transformation across the continent.