President Bola Tinubu has said Nigeria is working to move away from dependence on exporting raw materials and importing finished goods, with a new focus on making the country a major manufacturing centre for Africa.
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Tinubu, represented by the Minister of State for Industry, Senator John Enoh, made the declaration at the sixth Adeola Odutola Lecture and Presidential Luncheon organised by the Manufacturers Association of Nigeria (MAN) in Lagos.
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The event was held under the theme, Leveraging National Industrial Policy to Position Nigeria as Africa’s Industrial Hub.
The President said Nigeria’s industrial strategy was designed to expand manufacturing, increase local value addition and enable Nigerian businesses to take a larger share of the African market.
He said the country should focus on producing goods for the continent rather than serving mainly as a destination where products manufactured elsewhere are stored and sold.
Tinubu noted that manufacturing’s contribution to Nigeria’s economy had declined from more than 20 per cent of gross domestic product in the early 1990s to below 10 per cent by 2024, adding that the trend needed to be reversed.
He said the manufacturing sector recorded growth of 3.29 per cent in the first quarter of 2026 and 3.24 per cent in the second quarter. However, he acknowledged that manufacturers continued to face challenges relating to financing and operating costs.
According to the President, the Nigerian Industrial Policy unveiled in February seeks to increase manufacturing’s contribution to GDP to between 20 and 25 per cent by 2030. The policy is also expected to be supported by industrial financing of up to five per cent of GDP.
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Tinubu said the government would prioritise reliable electricity, affordable long-term financing, fair competition, improved security around industrial corridors and stronger accountability in implementing industrial policies.
He added that the Industrial Revolution Work Group would organise quarterly delivery meetings with manufacturers to assess progress and address challenges affecting the sector.
The President also identified the African Continental Free Trade Area as an important opportunity for Nigerian manufacturers. He said the agreement provides access to a market of about 1.4 billion people with a combined GDP estimated at $3.4 trillion.
Tinubu said Nigeria could use its large population, entrepreneurial strength, natural resources and strategic geographical position to supply goods to markets across Africa.
He urged manufacturers to expand production capacity, increase local sourcing of raw materials, meet international export standards and invest in training young Nigerians.
He also called on businesses to view Africa as their primary market and take advantage of the opportunities created by continental trade integration.
Tinubu said Nigeria’s longstanding practice of exporting commodities such as cocoa, crude oil and cotton while importing processed products such as chocolate, refined petroleum products and clothing must give way to greater domestic processing and manufacturing.
He said the administration was committed to creating conditions that would allow factories and local industries to play a larger role in Nigeria’s economic development.
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