LAGOS, Nigeria — President Bola Tinubu has set a target of raising manufacturing’s contribution to Nigeria’s economy to between 20 and 25 per cent of Gross Domestic Product by 2030, as his administration intensifies efforts to reposition the country as Africa’s industrial hub.
Tinubu disclosed this on Tuesday, October 6, at the 6th Adeola Odutola Lecture and Presidential Luncheon organised by the Manufacturers Association of Nigeria in Lagos.
The President, who was represented by the Minister of State for Industry, Senator John Enoh, said Nigeria’s industrial policy was designed to reverse the country’s long-standing dependence on the export of raw materials and importation of finished products.
The event was themed, “Leveraging National Industrial Policy to Position Nigeria as Africa’s Industrial Hub.”
Tinubu expressed concern over the decline in manufacturing’s contribution to the Nigerian economy, noting that the sector accounted for more than 20 per cent of GDP in the early 1990s but had fallen to below 10 per cent in 2024.
He said reversing the decline was a major priority of his administration, adding that the manufacturing sector recorded growth of 3.29 per cent in the first quarter of 2026 and 3.24 per cent in the second quarter.
The President, however, acknowledged that manufacturers continued to contend with high financing and operating costs, among other constraints.
According to him, the National Industrial Policy, unveiled in February 2026, targets a substantial expansion of manufacturing while providing industrial financing equivalent to as much as five per cent of GDP.
Tinubu said the government would focus on improving electricity supply, providing affordable long-term financing, ensuring fair competition, strengthening security along industrial corridors and improving accountability in the implementation of industrial policies.
He also announced that the Industrial Revolution Work Group would meet quarterly with manufacturers to assess the implementation of government policies and respond to challenges confronting the sector.
The President said the African Continental Free Trade Area offered Nigerian manufacturers a significant opportunity to expand beyond the domestic market and compete across Africa.
He noted that the agreement provides access to a continental market of about 1.4 billion people, with a combined GDP estimated at approximately $3.4tn.
Tinubu therefore urged manufacturers to expand production, deepen backward integration, comply with international export standards and invest in training young Nigerians to meet the demands of a modern industrial economy.
He also challenged Nigerian businesses to begin viewing Africa as their home market rather than concentrating solely on domestic demand.
The President said the country must break away from an economic pattern in which it exports commodities such as cocoa, crude oil and cotton while importing products derived from them, including chocolate, refined petroleum products and clothing.
“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,” Tinubu said.
He added, “We are writing a new chapter, and we are writing it in factories.”
The President’s position reflects his administration’s broader industrialisation agenda, which seeks to increase local value addition, expand manufacturing capacity and strengthen Nigeria’s competitiveness within the African market.
However, the success of the plan is expected to depend significantly on the government’s ability to address persistent challenges around electricity, access to affordable credit, security and the high cost of doing business that continue to constrain manufacturers.
