Nigeria implements industrial reforms to boost manufacturing growth

Nigeria's Minister of State for Industry, Senator John Owan Enoh, has reported that the Nigerian Industrial Policy (NIP) is meeting its initial objectives. Launched in February 2026, the policy has reportedly mobilized over $380 million in strategic financing for industrial projects within its first 90 days.

Key initiatives under the policy include a proposed ₦350 billion MSME development fund, mechatronics training for young Nigerians, and the certification of Nigerian products for continental markets via African Quality Marks.

To address the high cost of capital, stakeholders including government agencies, development finance institutions, and commercial banks have entered the Lagos Industrial Finance Compact. This pact aims to create affordable, long-term financing instruments to prevent manufacturers from favoring imports over local production due to high interest rates. The Industrial Revolution Work Group (IRWG) will monitor the implementation of these financing solutions under specific 30, 60, and 90-day timelines.