Tinubu Promotes Nigeria as Africa's Manufacturing Hub
President Bola Tinubu declared Nigeria's commitment to becoming Africa's industrial hub by moving away from exporting raw materials and focusing on manufacturing goods for the continent. Speaking through the Minister of State for Industry, Senator John Enoh, at the 6th Adeola Odutola Lecture organized by the Manufacturers Association of Nigeria in Lagos, Tinubu highlighted the need to reverse the decline in manufacturing's contribution to Nigeria's GDP, which fell from over 20% in the early 1990s to below 10% by 2024.
He noted that manufacturing grew by 3.29% in Q1 2026 and 3.24% in Q2 2026, despite facing significant challenges. Tinubu outlined the Nigerian Industrial Policy, aimed at increasing manufacturing's GDP contribution to 20-25% by 2030, supported by industrial financing of up to 5% of GDP.
He emphasized the importance of reliable energy, affordable capital, and improved security for industrial growth, urging manufacturers to invest in production capacity and view Africa as their primary market.
Plus234Feed summary based on reporting from Naijanews. Read the original report below.
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