President Bola Tinubu has pledged to raise manufacturing’s contribution to Nigeria’s gross domestic product to between 20 and 25 per cent by 2030. The commitment was conveyed by the Minister of State for Industry, Trade and Investment, John Owan Enoh, at the Manufacturers Association of Nigeria’s 54th annual general meeting in Lagos.
The president stressed that the goal cannot be met through policy statements alone. Manufacturing’s share of real GDP slipped from 9.57 per cent in the first quarter of 2026 to 7.72 per cent in the second quarter, even as sector output expanded by 3.29 per cent and 3.24 per cent in those periods. “It will be reached by power in your plans, by credit in your accounts, by raw materials at your gates and markets for your goods,” he said.
Financing Framework and Delivery Mechanism
The government’s industrial policy aims to channel up to five per cent of GDP into industrial financing. Delivery will be organised around seven strategic thrusts. An Industrial Revolution Work Group, chaired by Enoh, brings together government, the organised private sector, financiers and development partners under a single scorecard. Progress will be measured by the number of factories reopened, capacity utilisation rates, jobs created, exports shipped and new plants established.
Tinubu has directed the Ministry of Industry, Trade and Investment, through the work group, to hold quarterly delivery dialogues with MAN so that the association can hold government accountable for implementation. On funding, the administration will collaborate with the Bank of Industry, development finance institutions and commercial banks to supply patient, affordable and long-term capital for productive enterprises.
Power, Procurement and Trade Measures
Reliable energy remains a priority. The government will continue to allocate gas to industry and improve electricity supply to industrial clusters. Public procurement will favour Nigerian-made goods that meet quality standards under the Nigeria First policy. Industrial corridors, highways and supply routes will be secured, while trade-facilitation tools such as the National Single Window are expected to cut the time and cost of moving goods through ports and across borders.
Tinubu positioned Nigeria for the African Continental Free Trade Area, describing it as a single market of 1.4 billion people with a combined GDP of about $3.4 trillion. He noted that only 3.4 per cent of Nigeria’s non-oil exports in 2025 went to other ECOWAS countries and argued that Africa remains the largest market the country has yet to serve fully. “Nigeria will not be Africa’s warehouse storing what others make. Nigeria will be Africa’s workshop making what Africa needs and sending it with pride across the continent and beyond,” he said.
He urged manufacturers to expand capacity, deepen backward integration, meet the standards of destination markets, train and retain young workers, and treat the African market as their domestic base.
Manufacturers Flag Inventory and Implementation Risks
MAN reported that manufacturers were holding unsold inventory of just under N2 trillion, with some firms selling below production cost to keep plants running. Association president Francis Meshioye said successful delivery of the National Industrial Policy would require policy consistency, institutional coordination and clear, measurable results. Progress, he argued, should be judged by improved competitiveness, lower production costs, higher investment in productive capacity, stronger manufacturing exports, deeper participation in regional and global value chains, and increased industrial employment.
Manufactured goods accounted for only N2.5 trillion, or 2.94 per cent, of Nigeria’s total exports of N85.13 trillion in 2025. Meshioye called on the Federal Government to accelerate implementation with defined timelines, performance indicators and accountability across ministries and agencies. He also proposed a Nigeria First Industrial Fund to provide long-term concessionary financing, support technology upgrades and promote local value addition.
For manufacturers, the 2030 target now hinges on execution. Current figures underline the distance still to be covered, and the government’s pledges on credit, power and market access will ultimately be measured by factory output, export volumes and jobs created.
