President Bola Tinubu has assured manufacturers of the federal government’s commitment to the Nigeria Industrial Policy (NIP).
Mr Tinubu said the policy had a delivery mechanism to drive measurable improvements in the country’s industrial sector.
He gave the assurance at the sixth Adeola Odutola Lecture and 54th Annual General Meeting of the Manufacturers Association of Nigeria (MAN) on Tuesday in Lagos.
Mr Tinubu was represented by the Minister of State for Industry, John Enoh, at the event with the theme: “Leveraging National Industrial Policy to Position Nigeria as Africa’s Industrial Hub.”
The president said NIP implementation would be measured by factories reopening, increased capacity utilisation, jobs created, exports shipped and new factories established.
He also directed the Ministry of Industry, Trade and Investment, through the Industrial Revolution Working Group (IRWG), to hold quarterly delivery dialogues with MAN to monitor implementation and hold the government accountable.
“That is why this policy is not a shelf document. It has a delivery engine. Implementation of the Nigerian industrial policy will be measured, reported, and published.
“For clarity, I have directed the Ministry of Industry, Trade and Investment, through the IRWG, to hold a standing quarterly delivery dialogue with this association. This is so that you can hold us to account,” he said.
Mr Tinubu said the IRWG brought government, the organised private sector, financiers and development partners together under one scorecard.
He said the scorecard would measure factories reopening, capacity utilisation, jobs created, exports shipped and new factories established.
Mr Tinubu also identified energy, capital, markets, security and accountability as key areas requiring government intervention to accelerate industrialisation.
“We will continue to prioritise gas for industry and provide reliable power for industrial clusters because the cost of energy is the cost of everything we make,” he said.
The president said the government would work with the Bank of Industry, development finance institutions, and the banking system to provide patient, affordable, long-term financing to productive enterprises.
Mr Tinubu said the government’s Nigeria First policy would support public procurement of locally made goods that meet required standards.
He added that initiatives such as the National Single Window would reduce the cost and time of moving goods through ports and borders.
Mr Tinubu urged manufacturers to reciprocate the government’s efforts by investing in production capacity and deepening backward integration.
MAN president Francis Meshioye stressed the need for sustained improvements in productivity, investment, technology adoption, infrastructure, energy, finance and the broader business environment.
Mr Meshioye noted that although Nigeria’s total exports rose to N85.13 trillion in 2025, manufactured exports stood at only N2.50 trillion.
The MAN president urged the federal government to fast-track implementation of the NIP with clear timelines, measurable performance indicators and institutional accountability.
He also called for the establishment of a Nigeria First Industrial Fund to provide long-term concessionary financing and support technology upgrading.
“We also call for prioritisation of gas allocation to manufacturers, resolution of outstanding four per cent Free-on-Board levy and foreign exchange-forward obligations,” he said.
He also called for the elimination of duplicative regulatory inspections and improved coordination among regulatory agencies.
In his keynote address, Kandeh Yumkella, former director-general of the United Nations Industrial Development Organisation, said Nigeria had the essential foundations to become an industrial powerhouse.
He listed a large market, natural resources, entrepreneurial capacity, financial depth and strategic positioning within ECOWAS and the African Continental Free Trade Area (AfCFTA).
Mr Yumkella, however, said Nigeria’s industrial challenge was not a shortage of ambition or enterprise but converting the country’s scale into productivity, competitiveness and exports.
He identified reliable electricity as critical to Nigeria’s industrial transformation, noting that the country’s power grid currently delivers about 5,000 to 6,000 megawatts against an estimated demand of more than 20,000 megawatts.
According to him, manufacturers spent an estimated N1.34 trillion on self-generated power in 2025, up from N781.68 billion in 2023.
He said energy accounted for between 35 and 40 per cent of production costs.
Mr Yumkella called for greater investment in technical and vocational education and stronger industry-training partnerships to address the skills gap affecting manufacturers.
He said the AfCFTA had created a market of about 1.4 billion people with a combined GDP of about $3.4 trillion.
Mr Yumkella said this presented Nigeria with an opportunity to become a major production hub for the continent.
He urged the country to move beyond its position as Africa’s largest consumer market to becoming one of its leading production centres.
(NAN)
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