Three years after President Bola Tinubu took office, manufacturers say they're still waiting for industrial policies to deliver real results.
The Manufacturers Association of Nigeria (MAN) says the problem isn't a lack of policies anymore. The challenge is that those policies haven't translated into lower production costs, better competitiveness, or measurable growth.
"The administration has demonstrated courage in addressing long-standing structural distortions," Segun Ajayi-Kadir, MAN's Director General, said. But he added that the burden of the reforms has fallen heavily on manufacturers.
Tinubu's government rolled out several major initiatives. One was the N200 billion Presidential Intervention Fund, split into three parts: N75 billion for manufacturers, N75 billion for Micro, Small and Medium Enterprises (MSMEs), and N50 billion for nano businesses. The idea was to give affordable financing to struggling businesses.
Manufacturers welcomed the fund. But MAN says the broader environment remains tough. High energy costs, exchange rate pressure, and expensive credit limit how much the intervention can actually help.
The government also launched the Nigeria Industrial Policy (NIP) 2025 — a 10-year plan aiming to raise manufacturing's contribution to GDP from current levels to between 20 and 25 percent by 2030. It also proposes recapitalising the Bank of Industry to N3 trillion.
MAN calls it one of the most significant industrial initiatives of the administration. Ajayi-Kadir says the roadmap provides a strategic framework for transformation. But he insists its success depends entirely on implementation.
Another initiative is the 'Nigeria First' policy, which tells government ministries, departments, and agencies to prioritise locally made goods in public procurement. The goal is to boost domestic production and cut imports.
MAN strongly backs the policy, calling it potentially transformative. But Ajayi-Kadir warned it must be consistently enforced to avoid becoming another well-intentioned plan with limited impact.
Then there's the foreign exchange reform — the unification of exchange rate windows and liberalisation of the naira. The goal was transparency and attracting foreign investment.
But the immediate effect on manufacturers was severe. The sharp depreciation of the naira pushed up the cost of imported machinery, raw materials, and industrial inputs. Many manufacturers had to absorb the increases, leading to higher product prices, thinner profit margins, and delayed expansion plans.
The government also proposed legislation requiring 30 percent local value addition in certain sectors. MAN supports the idea but says without a supportive operating environment, it'll be hard to achieve.
When manufacturers struggle, prices stay high. Jobs don't get created. And the cheaper, imported goods that many rely on become more expensive as the naira weakens.
Ajayi-Kadir put it plainly: the policies have the right intent, but until they translate into lower costs and real growth, manufacturers — and the millions who depend on them — will keep waiting.