Making Progress with Nigeria Industrial Policy?
The federal government believe its industrial policy is a step in the direction and is making progress, yet there are practical measures needed to firm up its implementation and sustain
Federal government asserts its industrial policy is making progress, despite requiring practical measures to strengthen implementation and sustain momentum. Minister of State for Industry, Trade and Investment, Senator John Owan Enoh, reported advancements in activating the Nigeria First Policy, which aims to boost patronage of Nigerian-made goods.
The ministry is collaborating with the Bureau of Public Procurement (BPP) to promote the purchase of Nigerian assembled automobiles and Cotton, Textile, and Garment (CTG) products. Enoh also highlighted the progress in enhancing access to financing for Micro, Small, Medium Enterprises (MSMEs) via a $69 million industrial cluster project with the African Development Bank (AfDB), which is in an advanced stage.
Strengthening linkages within the CTG value chain, ensuring cotton farmers connect with ginneries and textile manufacturers, and garment manufacturers connecting with textile producers, has also seen positive outcomes. Additionally, skill acquisition and capacity development efforts are underway, with 700 people having been trained in mechatronics and the Industrial Training Fund (ITF) running a skilled artisan program.
The NIP, Nigeria's first comprehensive industrial policy since its independence in 1960, aims to increase the manufacturing sector's contribution to Nigeria's GDP to 15% by 2030 and 25% by 2035, up from its current level of less than 10%. The policy outlines a roadmap for industrial transformation, identifies priority sectors, establishes enabling reforms, and codifies incentives to ensure accelerated, inclusive, competitive, and sustainable industrial growth.
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