President Bola Tinubu has said Nigeria must move away from exporting raw materials and importing finished products as the country works to become Africa’s industrial workshop. Speaking through Minister of State for Industry Senator John Enoh at the 6th Adeola Odutola Lecture and Presidential Luncheon in Lagos, Tinubu said the government would focus on expanding manufacturing and increasing local value addition.
Tinubu said manufacturing’s contribution to Nigeria’s GDP had fallen from more than 20 per cent in the early 1990s to below 10 per cent by 2024. He said the Nigerian Industrial Policy, launched in February, aims to raise manufacturing’s contribution to between 20 and 25 per cent by 2030, supported by industrial financing of up to five per cent of GDP.
The President also urged manufacturers to expand production, strengthen local supply chains, meet export standards and train young Nigerians. He said the African Continental Free Trade Area, with a market of 1.4 billion people, provides an opportunity for Nigerian businesses to produce for markets across the continent rather than focusing only on domestic demand.
