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Lagos backs manufacturers in push for Nigeria's $1 trillion economy
At the 54th annual general meeting of the Manufacturers Association of Nigeria in Lagos, the state government pledged stronger support for manufacturers and investors; the federal industrial policy targets manufacturing at 20-25% of GDP by 2030.
Why it matters
The 54th Annual General Meeting of the Manufacturers Association of Nigeria (MAN), held at the Lagos Oriental Hotel under the theme "Leveraging National Industrial Policy to Position Nigeria as Africa's Industrial Hub," saw Lagos State renew its push to become the continent's premier industrial hub.
The state's Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Bada Ambrose-Medebem, pledged stronger support for manufacturers, investors and businesses as Nigeria battles to unlock its productive capacity.
Full report
Ambrose-Medebem spotlighted the Lagos State Industrial Policy 2025-2030 as a strategic framework to strengthen manufacturing, promote innovation, support industrial clusters and drive sustainable industrial expansion. She noted manufacturers face exchange-rate volatility, inflation, high energy costs, infrastructure gaps and shifting trade conditions.
The Director-General of the National Institute for Policy and Strategic Studies (NIPSS) warned that Nigeria cannot reach a $1 trillion economy with manufacturing contributing just 3.3% of GDP.
President Bola Tinubu, represented by Minister of State for Industry John Owan Enoh, said the federal Nigeria Industrial Policy seeks to raise manufacturing's share of GDP to between 20 and 25 per cent by 2030, anchored on four strategic sectors: metals and solid minerals, oil and gas, construction, and manufacturing.
MAN president Francis Meshioye disclosed that manufacturers spent an estimated N1.35 trillion on alternative power in 2025, up 23% from 2024, and cited central bank data showing manufacturing capacity utilisation rose from 51.33% in Q1 2025 to 57.50% in Q2.
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