Nigeria Launches Industrial Policy 2025 to Boost Economy

On October 24, 2023, the Nigerian government, represented by Vice President Kashim Shettima, launched the Industrial Policy 2025 in Abuja, focusing on boosting Micro, Small, and Medium Enterprises (MSMEs), local processing, and exports under the African Continental Free Trade Area (AfCFTA). Shettima stressed that the success of the policy would be measured by job creation rather than the number of documents produced.

The policy aims to address long-standing issues in Nigeria's industrial sector, including infrastructure deficits and high costs. It seeks to leverage Nigeria's strengths to enhance value chains and reduce reliance on raw exports.

The initiative includes a ban on raw shea nut exports by 2025 to stimulate local processing and stabilize prices for farmers. The government also aims to create a stable environment for businesses, emphasizing public-private partnerships and transparency.

The launch is seen as a pivotal moment for Nigeria's industrialization efforts, with a commitment to turn policy into actionable results.