On Tuesday, President Bola Tinubu launched the Nigeria Industrial Policy 2025, a strategic initiative designed to restore struggling industries, fortify value chains, and boost economic expansion.
Vice President Kashim Shettima, standing in for the president during the unveiling in Abuja, referred to the policy as a guide for restructuring Nigeria’s industrial sector.
He instructed relevant ministries, departments, and agencies to ensure prompt execution of the policy, noting that success should not be gauged solely by the existence of documents, but rather by real results—factories opened, job opportunities generated, and increased exports.
Tinubu acknowledged the persistent structural issues facing the industry, including disjointed value chains, elevated production costs, inadequate infrastructure, inconsistency in policies, and weak collaboration between the government and the private sector.
He highlighted that successful industrialization necessitates a cohesive approach combining energy, trade, infrastructure, finance, skills training, innovation, and robust public-private partnerships.
The president stated that the policy is focused on sectors where Nigeria possesses both comparative and competitive advantages. It aims to enhance value chain development by transitioning from raw material exports to the production of finished goods, while also integrating micro, small, and medium enterprises into the broader industrial framework.
He urged the private sector to engage responsibly, enhance local value chains, generate employment, impart skills, and collaborate with the government to foster a productive economy.
Earlier, John Owan Enoh, the Minister of State for Industry, characterized the policy as a significant milestone toward establishing a thriving, competitive industrial environment in Nigeria. He mentioned ongoing efforts to boost private sector involvement in key fields to promote productivity and growth.
Aliko Dangote, the chairman of the Dangote Group, praised the initiative, pointing out that Nigeria is among the few African nations where the private sector plays a larger role in the economic sphere than the government.
He expressed confidence in improved stability of foreign exchange rates and predicted that the naira might appreciate to N1,000 per dollar within the year.
Dangote further noted that while there is renewed interest from investors due to recent reforms, safeguarding local industries is essential. He remarked, “Without protection, no industry can thrive.”
Francis Meshioye, president of the Manufacturers Association of Nigeria, also lauded the policy's launch, affirming that manufacturers are committed to its effective execution.
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