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President Bola Ahmed Tinubu has committed to raising manufacturing’s contribution to gross domestic product (GDP) to between 20 and 25 per cent by 2030, pledging increased access to power, credit, raw materials and markets to drive the expansion.

Tinubu, who spoke yesterday through the Minister of State for Industry, Trade and Investment, John Owan Enoh, at the Manufacturers Association of Nigeria’s (MAN) 54th yearly general meeting held in Lagos, said the target could not be achieved through policy documents alone.

He said manufacturing’s contribution to real GDP fell from 9.57 per cent in the first quarter of 2026 to 7.72 per cent in the second quarter, even as manufacturing output grew by 3.29 per cent and 3.24 per cent, respectively.

“It will be reached by power in your plans, by credit in your accounts, by raw materials at your gates and markets for your goods,” he said.

Tinubu said the government’s industrial policy envisaged channelling up to five per cent of GDP into industrial financing, adding that implementation would be driven by seven strategic thrusts.

He said the Industrial Revolution Work Group, chaired by Enoh, brings government, the organised private sector, financiers and development partners together under a common scorecard.

The scorecard, he said, would measure progress by factories reopened, capacity utilisation, jobs created, exports shipped and new factories established.

The President also said he had directed the Ministry of Industry, Trade and Investment, through the Industrial Revolution Work Group, to hold quarterly delivery dialogues with MAN.

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According to him, the dialogue would enable the association to hold the government accountable for implementation of the industrial policy.

On financing, Tinubu said the government would work with the Bank of Industry, development finance institutions and commercial banks to provide patient, affordable and long-term funding for productive enterprises.

He also said the government would continue to prioritise gas for industry and reliable electricity for industrial clusters, while public procurement would favour Nigerian-made goods that meet required standards under the Nigeria First policy.

He added that industrial corridors, highways and supply routes would be protected, while trade facilitation measures, including the National Single Window, would reduce the time and cost of moving goods across ports and borders.

Tinubu said Nigeria must position itself to take advantage of the African Continental Free Trade Area (AfCFTA), which he described as a single market of 1.4 billion people with a combined GDP of about $3.4 trillion.

He noted that only 3.4 per cent of Nigeria’s non-oil exports in 2025 went to fellow ECOWAS member states, describing Africa as the largest market Nigeria was yet to fully serve.

“Nigeria will not be Africa’s warehouse storing what others make. Nigeria will be Africa’s workshop making what Africa needs and sending it with pride across the continent and beyond,” he said.

He urged manufacturers to invest in capacity, deepen backward integration, meet the standards of target markets, train and retain young people, and regard the African market as their home market.

Tinubu also said MAN estimated that manufacturers’ unsold inventory stood at just under N2 trillion, with some companies selling below production cost to keep their factories operating.

MAN President, Francis Meshioye, said the successful implementation of the Nigeria Industrial Policy would depend on consistency, institutional coordination and measurable outcomes.

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He said progress should be assessed through improved industrial competitiveness, lower production costs, increased investment in productive capacity, stronger manufacturing exports, greater participation in regional and global

value chains, and higher industrial employment.

Meshioye said manufactured goods accounted for only N2.5 trillion, or 2.94 per cent, of Nigeria’s total exports of N85.13 trillion in 2025.

He said MAN considered implementation of the National Industrial Policy central to improving the operating environment for manufacturers and strengthening Nigeria’s industrial base.

Meshioye urged the Federal Government to fast-track implementation of the policy, with clearly defined timelines, measurable performance indicators and institutional accountability across relevant ministries, departments and agencies.

He also called for the establishment of a Nigeria First Industrial Fund to provide long-term concessionary financing, support technology upgrading and promote local value addition.