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Private sector leaders have stressed that effective implementation, backed by data-driven accountability, will determine the success of Nigeria’s new industrial policy as the country seeks to accelerate industrialisation and economic growth.
The position was canvassed at a high-level panel session during the recently concluded Nigeria Employers’ Consultative Association (NECA) Employers’ Summit, where policymakers, manufacturers and industry executives reviewed the country’s economic reform agenda.
The session, titled “Nigeria’s Industrial Policy: Implications for Industrial Development, Trade and Investment Promotion,” was moderated by Nancy Illoh-Nnaji, Anchor and Producer of MoneyLine on Africa Independent Television (AIT).
Panelists included Director-General of the Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir; Vice President, Corporate and Government Relations, OLAM Agri, Ade Adefeko; Director of Corporate Affairs, TGI Group, Sadiq Kassim; and Director of Industry and Investment at the Nasarawa State Ministry of Trade, Industry and Investment, Catherine John Baco.
Speaking at the event, Ajayi-Kadir described the new industrial policy as the most comprehensive framework introduced since Nigeria’s independence.
According to him, the policy clearly identifies priority areas needed to transform the country’s industrial landscape, adding that a public scorecard to assess implementation is expected in early July.
Adefeko urged the country to reduce its dependence on exporting raw commodities and instead focus on value addition through local processing and manufacturing.
He noted that sustained measurement of implementation progress would be critical to achieving the policy’s objectives, stressing that “what doesn’t get measured doesn’t get done.”
Providing evidence of early progress, Kassim disclosed that Nigeria exported 10 billion worth of shea butter and N53 billion worth of soya meal in the first quarter of 2026, describing the figures as signs that efforts to encourage local processing are beginning to yield results.
He said government policy had given investors greater confidence to expand local production and deepen backward integration rather than relying on imports of finished products.
Kassim also advocated the creation of a public implementation dashboard with clear milestones and timelines to enable stakeholders monitor progress and hold implementing agencies accountable.
“The policy is barely three months old, but we are already seeing encouraging signs. If government sustains the momentum through data-driven implementation, effective inter-agency collaboration and continued private sector participation, Nigeria can move beyond commodity exports and build a globally competitive industrial economy,” he said.
The panelists agreed that while the industrial policy provides a strong framework for industrial development, its long-term success will depend on consistent execution, collaboration across government institutions and regular engagement with the private sector.
They also recommended structured quarterly consultations between government and industry stakeholders to review progress and address implementation challenges.
