NIPSS Reveals Outdated Policy Threatened Nigeria's Manufacturing

Prof Ayo Omotayo, the Director-General of the National Institute for Policy and Strategic Studies (NIPSS), revealed that an outdated industrial policy nearly undermined Nigeria's manufacturing sector before the Federal Government introduced a new framework. Speaking at the Manufacturers Association of Nigeria's 54th Annual General Meeting and Made-in-Nigeria Exhibition in Lagos, he noted that a review conducted in 2023 indicated the obsolescence of Nigeria's industrial policy, which threatened local production growth.

NIPSS collaborated with the Manufacturers Association of Nigeria to address these challenges, resulting in the Ministry of Industry, Trade and Investment developing a new industrial policy. Omotayo stressed that the policy's success hinges on consistent implementation by the government and stakeholders.

He asserted that manufacturing must significantly contribute to Nigeria's ambition of achieving a $1 trillion economy. Additionally, Francis Meshioye, President of MAN, urged prioritization of locally produced goods, especially during the upcoming elections, and highlighted the rising costs of production faced by manufacturers.