Tinubu Launches New Industrial Policy for Nigeria's Economy

On [date not specified], President Bola Ahmed Tinubu launched Nigeria's new industrial policy for 2025-2035, designed to transform Nigeria from a basic consumer nation into a net exporter of finished goods. During his speech, he highlighted the failures of past policies, which lacked proper planning and implementation, and urged relevant ministries and agencies to ensure strict adherence to the new policy.

The policy aims to re-engineer Nigeria's industrial base, unlock value chains across sectors, and create jobs, particularly for young men and women. Tinubu emphasized the need for local manufacturing to retain value within the economy and noted the historical challenges faced by Nigeria's industrial sector, including high production costs and infrastructural deficits.

Aliko Dangote, a prominent businessman, supported the policy, urging the government to focus on local manufacturing to enhance competitiveness. The policy also aims to address the country's energy challenges, which have hindered industrial growth.