Federal Government set to implement Nigerian Industrial Policy, aiming to increase domestic manufacturing and decrease raw material exports
The federal government of Nigeria is developing a new industrial policy, a move that underscores its commitment to prioritising local production over raw material exports. This policy, being co-developed with critical stakeholders including the Manufacturers Association of Nigeria (MAN), is aimed at reversing Nigeria's dependence on imported goods and accelerating economic diversification across key sectors.
The policy is being led by the Ministry of Trade in collaboration with MAN, and it has received the endorsement of Segun Ajayi-Kadir, the Director-General of MAN. Ajayi-Kadir describes the policy as essential for Nigeria's industrial transformation.
John Owan Enoh, the Minister of State for Industry, has emphasised the need for an enabling environment that supports growth. He declared the urgency of boosting domestic production, stating "We must produce, we must produce, and we must produce." The policy is being finalised with a focus on sectors with high growth potential, including textiles, automotive, agro-processing, and pharmaceuticals.
The goal is to increase the manufacturing sector's contribution to GDP, which currently stands at less than 10%. Ajayi-Kadir, however, did not mention boosting domestic production or the goal of increasing manufacturing's contribution to GDP in this paragraph.
The policy is a direct response to President Bola Tinubu's Renewed Hope agenda, and it is designed to help Nigeria achieve economic self-sufficiency and reduce its reliance on imported goods. Unfortunately, the search results do not provide information about important industrial sites favoured in the new Nigerian Industrial Policy by the Ministry of Industry and Trade.
Minister Enoh did not provide any new facts about himself or his role in the policy in this paragraph. However, his emphasis on the need for local production and the urgency of the policy suggest his commitment to its success. The New Nigerian Industrial Policy is a significant step towards Nigeria's industrial development and economic growth.
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