Nigeria's Industrial Policy 2025 Unveiled for Growth
President Bola Tinubu unveiled Nigeria's Industrial Policy 2025 on Tuesday in Abuja, a comprehensive plan designed to revitalise dormant industries, strengthen value chains, and significantly accelerate economic growth across the nation.
Represented by Vice President Kashim Shettima at the launch, President Bola Tinubu described the policy as a crucial roadmap for re-engineering Nigeria’s industrial foundation. He issued directives to ministries, departments, and agencies to ensure prompt implementation, emphasising that success would be measured by tangible results such as new factories, job creation, and increased exports, rather than merely by policy documents.
Addressing Industrial Challenges
President Tinubu acknowledged persistent structural challenges that have hindered industrial progress. These include fragmented value chains, elevated production costs, infrastructure deficits, inconsistent policy frameworks, and inadequate coordination between governmental bodies and industry stakeholders. He stressed that successful industrialisation necessitates coherence across various sectors, including energy, trade, infrastructure, finance, skills development, and innovation, alongside robust public-private collaboration.
Prioritising Growth Sectors and Private Investment
The new policy strategically prioritises sectors where Nigeria holds comparative and competitive advantages. It aims to deepen value chain development, transforming the country's economic landscape from an exporter of raw materials to a producer of finished goods. Furthermore, the policy seeks to integrate micro, small, and medium enterprises into the mainstream of industrial growth, fostering broader participation.
The President urged the private sector to engage in responsible investment, expand local value chains, create employment opportunities, facilitate skills transfer, and collaborate with the government to build a more productive economy. Earlier, John Owan Enoh, the Minister of State for Industry, hailed the policy as a pivotal moment for establishing an industrial Nigeria that produces, competes, and prospers. He confirmed that efforts are actively underway to ensure strong private sector involvement across key sectors to drive productivity and economic growth.
Aliko Dangote, Chairman of the Dangote Group, welcomed the initiative, highlighting that Nigeria is one of the few African nations where the private sector's economic contribution surpasses that of the government. He expressed optimism regarding improved foreign exchange stability and projected that the naira could strengthen to N1,000 against the dollar this year. Mr Dangote added that while investors are showing renewed interest due to ongoing reforms, the protection of indigenous industries remains paramount, stating, “Without protection, no industry can thrive.” Francis Meshioye, President of the Manufacturers Association of Nigeria, also lauded the launch, pledging manufacturers’ commitment to the effective implementation of the policy.