Nigeria's Industrial Policy Reports Major Progress

The second 90-Day Progress Report on the Nigeria Industrial Policy, published in October, emphasizes tangible outcomes over mere policy announcements. It marks the first time eight agencies, including the Bank of Industry and the Standards Organisation of Nigeria, provided their own accounts of progress.

The report highlights that the Bank of Industry's inaugural Development Bond was oversubscribed and increased to N274.18 billion, indicating strong domestic investor confidence. Additionally, three sugar refiners have committed to producing at least 1.22 million tonnes of sugar annually by 2030, with annual milestones for accountability.

The Standards Organisation of Nigeria approved 217 industrial standards and expanded its testing laboratories from three to eight, essential for market access. Furthermore, over 200,000 artisans have registered for training and certification, indicating a rebuilding of the skills system to meet employer and market standards.