Outdated policy nearly crippled manufacturing sector – NIPSS
The NIPSS DG says an outdated industrial policy nearly crippled Nigeria’s manufacturing sector before the government introduced a new framework to boost gr Read More: https://punchng.com/outdated-policy-nearly-crippled-manufacturing-sector-nipss/
The National Institute for Policy and Strategic Studies (NIPSS) revealed that an outdated industrial policy nearly jeopardized Nigeria's manufacturing sector prior to the Federal Government's replacement of it with a new framework. In a speech at the Manufacturers Association of Nigeria (MAN) 54th Annual General Meeting and Made-in-Nigeria Exhibition in Lagos, Prof Ayo Omotayo, the Director-General of NIPSS, disclosed that the manufacturing sector's industrial policy had become obsolete and threatened the growth of local production.
NIPSS engaged MAN leadership to tackle these challenges, resulting in the development and enactment of a new industrial policy by the Ministry of Industry, Trade and Investment. However, Omotayo cautioned that the new policy would only yield results if government and other stakeholders implemented its provisions consistently. He emphasized that policy alone would not make manufacturing work, stressing that it is the implementation of policy that will ultimately determine the sector's success.
Omotayo also highlighted that manufacturing must play a more significant role in Nigeria's economic expansion, especially if the country aims to achieve a $1tn economy. MAN President Francis Meshioye urged the Federal Government and other public institutions to enforce a "Nigeria First" policy and prioritize locally produced goods, emphasizing the upcoming national, state, and local government elections as an opportunity for government agencies and political parties to demonstrate their commitment to made-in-Nigeria products.
Meshioye also pointed out the rising cost of production, with manufacturers spending N1.35tn on alternative power in 2025, compared to N1.11tn in 2024. MAN DG Segun Ajayi-Kadir stressed that sustained implementation is vital to transforming the new industrial policy into economic gains, asserting that Nigeria cannot industrialize through policy adoption alone, stressing the need for consistency and long-term commitment.
Written by urgent.news from Punch Nigeria's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
