Tinubu Unveils National Industrial Policy to Boost Economic Diversification, Jobs, Others

• Declares implementation will determine document’s success 

•Hails Dangote group for paying N900bn taxes in 2025, vows increased support for private sector

• Owan Enoh: policy impact to be judged by factories that expand, jobs that endure, confidence that returns

• Aliko Dangote seeks govt protection for local industries, warns importation of finished goods harmful to economy, declares no growth without power

James Emejo in Abuja

President Bola Tinubu, yesterday, launched the Nigeria Industrial Policy (NIP) 2025, a robust incentive framework, including fiscal, monetary, export, and industrial measures to spur investment, reduce cost of doing business, and foster innovation and economic diversification.

The policy, a brainchild of Minister of State for Industry, Senator John Owan Enoh, offers a comprehensive framework that reaffirms national resolve to diversify the economy, create inclusive prosperity, and secure Nigeria’s rightful place as a leading industrial hub in Africa and the wider global economy.

The president stated that the success of the policy document depended on its effective implementation, adding that the current administration will not assess success by the “number of documents we produce but the number of factories that open instead of shutting down”.

President/Chief Executive, Dangote Group, Aliko Dangote, commended government policies so far. However, he said there was a need to protect local industries, adding, “If we get that right, we will create massive employment.”

Dangote also urged the federal government to organise a national forum to address the challenge of power, insisting there cannot be growth without electricity.

Represented by Vice President Kashim Shettima, Tinubu said the impact of the NIP will also be gauged by the volume of jobs created for Nigerians, and exports that left the shores bearing the mark of Nigerian excellence as well as the value retained within the economy.

The president said the NIP was firmly aligned with ongoing macroeconomic reforms, including its trade and export ambitions under the African Continental Free Trade Area (AfCFTA) as well as government’s commitment to local content, competitiveness, and investment certainty.

Tinubu further hailed Aliko Dangote, for his contributions to the Nigerian economy.

The president pointed out that in 2025, Dangote Industries collectively paid about N900 billion in taxes to the government, adding, “This is how the economy grows.”

He said, “This is how we create jobs. Government has no business being in business. You are the creators of wealth—all of you here. We are proud of the manufacturers in this country who remain resilient despite the challenges. We are not unappreciative of your efforts. Many of you are literally generating your own power.”

The president reaffirmed his full commitment to redefining the meaning and concept of modern leadership.

Tinubu said the document reflected the federal government’s resolve to build an industrial economy that works for everyday Nigerians, stating, “This is how nations rise”.

Tinubu pointed out that the industrial policy initiative was also in fulfilment of his 2023 election promise to “redefined our industrial ambition—to move beyond the margins in this world, to compete on a global scale, and to contribute meaningfully to international commerce”.

The president said, “I am excited to share the progress of this initiative as we unveil a new industrial policy—one that has been carefully crafted. This policy is the product of thorough introspection and serves as a roadmap for engineering our industrial base, unlocking value across sectors, and placing production, competitiveness, and job creation at the centre of Nigeria’s economic strategy.

“For too many years, we have contended with fragmented value chains, high production costs, infrastructure gaps, policy inconsistencies, and insufficient coordination between government and industry. This stops now.

“The idea of industrial policy is an acknowledgment of our deficiencies. We have realised that industrialization is not a wish—it is an action. More than that, we must remind ourselves that this task demands coherence across energy, trade, infrastructure, finance, skills, and innovation. It requires partnership between government and the private sector.”

The policy prioritises strategic sectors where Nigeria has comparative and competitive advantages, and advances value chain development so that Nigeria moves steadily from exporting raw materials to producing finished goods.

He said the policy integrated micro, small, and medium enterprises into the heart of industrial growth, “because prosperity must not be exclusive”.

Tinubu stressed that the NIP also aligned infrastructure and energy with industrial ambition, stating that “our factories cannot run on policy alone”.

Tinubu said if the policy must come alive, all stakeholders in the industrial sector must have a seat at the decision-making table.

He said the private sector must be supported with confidence and responsibility—to deepen local value chains, create jobs, transfer skills, and partner with the government in building a productive economy.

He said, “This means committing not only to policy stability and coherence, but also to transparent engagement with industry. It means committing to measurable targets and accountability, and to focus on results—because results truly matter.”

In his welcome remarks, Enoh described the launch as a consequential moment for the country, adding that industrialisation is now a disciplined and structured priority of the government.

The minister said the policy translated the presidential mandate into an executable programme, built on lessons from past efforts and informed by extensive consultations with manufacturers, investors, development partners, and stakeholders across sectors.

He said, “What we present today is not perfect, no policy is, but it is deliberate, practical, and accountable. It does not promise miracles; it commits to method. It does not rely on rhetoric; it relies on structure.

“It is designed to be measured not by applause in this hall, but by factories that expand, jobs that endure, and confidence that returns. Today Nigeria signals something important to itself and to the world: that we have chosen discipline over drift, production over import dependence, and execution over intention.”

Enoh highlighted the administration’s decisive shift from fragmented industrial efforts to coordinated action, extraction to value addition, and policy announcement to implementation.

The minister cited the transformation within the shea value chain as evidence of disciplined industrial policy in action, stating that the prohibition of raw shea nut exports catalysed domestic processing, expanded crushing capacity, increased farmer incomes, and significantly boosted exports of processed shea products within a year.

Enoh stressed that the policy directly addresses the needs of producers by focusing on power supply, infrastructure, access to finance, skills development, regulatory stability, and investment certainty.

He stated that industrialisation was a shared responsibility in which the government provided clarity and consistency, while industry invested, innovated, created jobs, and deepened local value chains.

Speaking at the unveiling of the NIP, Dangote commended the federal government for introducing an industrial policy for the country, stating that the government only facilitates but does not create jobs.

He added that by launching the policy, “I believe the government has already provided what we need to create jobs.”

Dangote said the government’s protection of local industries remained more critical.

Dangote said, “Nigeria is a very big market. Not only that — it is a market that should be serving other African nations. However, beyond policy, what is critical is protection of local industries.

“Even if you give us zero-interest loans, free land, and power, if there is no protection, no industry will thrive. Importation of finished goods is the importation of poverty and exportation of jobs.

“The policies are there. The government has given entrepreneurs what we need to risk our capital and create jobs. Why should Nigeria be importing what we can produce locally?

“We should produce what we consume. That is the only way to create jobs and reduce the burden on the government.”

He stated, “As entrepreneurs, we must also play our part. We must pay our taxes. Government is a major shareholder in every business. In our cement business, the government earns more through taxes than many shareholders. And that is fine — as long as we are allowed to expand and prosper.”

aid power constitutes a major challenge for businesses, urging the government to strive to fix power.

He said, “One key issue I want to advise Your Excellency on is power. Without power, there is no growth. No power, no growth.

Many factories spend enormous amounts generating their own electricity — building power plants and even backup plants.

“That does not make sense. We must resolve the power issue through a national forum and decisive action. Nigeria is the only country in Africa where the private sector contributes almost 90 per cent of GDP, compared to the government’s 10 per cent. We have what it takes to create massive industrial growth and disposable income.

“Today, stability in the currency is encouraging. Inflation is coming down. Investors are gaining confidence. But we must protect local industries.”

Danote added, “If imports are allowed, they must consider our constraints — high interest rates, infrastructure deficits, and power challenges.

“We must avoid dumping. Strategic tariffs, like those in sugar and other sectors, are necessary. The policies so far are commendable. What remains is strong protection of local industries. If we get that right, we will create massive employment.”