Business
Nigeria’ll not be Africa’s warehouse, but Africa’s workshop — Tinubu
By Yinka Kolawole
President Bola Tinubu has declared that Nigeria will no longer be content with exporting raw materials and importing finished products, saying the country is determined to become Africa’s industrial workshop.
Tinubu, who was represented by the Minister of State for Industry, Sen.John Enoh, spoke at the 6th Adeola Odutola lecture and Presidential luncheon organised by the Manufacturers Association of Nigeria (MAN) in Lagos, yesterday, with the theme, “Leveraging National Industrial Policy to Position Nigeria as Africa’s Industrial Hub”.
He said Nigeria’s ambition was to leverage its industrial policy to emerge as Africa’s industrial hub by expanding manufacturing, deepening local value addition and capturing a larger share of the African market.
“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.
The President said the decline in manufacturing’s contribution to the economy- from more than 20 per cent of GDP in the early 1990s to below 10 per cent by 2024 – must be reversed.
He noted that manufacturing grew by 3.29 per cent in the first quarter of 2026 and 3.24 per cent in the second quarter, but warned that the sector still faced serious financing and operating challenges.
Tinubu noted that the Nigerian Industrial Policy, unveiled in February, targets raising manufacturing’s contribution to GDP to between 20 and 25 per cent by 2030, supported by industrial financing of up to five per cent of GDP.
He said the government would focus on reliable energy, affordable long-term capital, fair markets, improved security along industrial corridors and stronger accountability for policy implementation.
According to him, the Industrial Revolution Work Group (IRWG) would hold quarterly delivery dialogues with manufacturers to track implementation.
Tinubu also pointed to the African Continental Free Trade Area, with its market of 1.4 billion people and combined GDP of about $3.4 trillion, as a major opportunity for Nigerian manufacturers.
He said Nigeria must exploit its population, entrepreneurial capacity, natural resources and strategic location to supply the continent.
“The government will clear the road. You must drive the trucks,” he told manufacturers, urging them to invest in capacity, deepen backward integration, meet export standards, train young Nigerians and treat Africa as their home market.
The President said the era of exporting cocoa, crude and cotton while importing chocolate, fuel and clothing must end, declaring: “We are writing a new chapter, and we are writing it in factories.”
