The Minister of State for Business, Senator John Owan Enoh, has urged Nigeria to drastically cut back its reliance on imports and as a substitute harness its massive inhabitants for productive industrial exercise, warning that inhabitants measurement alone doesn’t translate to financial development.
Talking on the Redeemed Christian Church of God (RCCG), Lagos Province 35 Financial Summit on Saturday, the minister stated the success of the Federal Authorities’s Nigeria-First coverage is dependent upon coverage predictability, coordinated execution and the strategic use of public procurement to stimulate native manufacturing.
Newsmen report that President Bola Tinubu launched the Nigeria-First coverage in 2025 to prioritise Nigerian-made items and providers in authorities procurement.
“Nigeria doesn’t have to import what we are able to produce. We will dress ourselves,” Owan stated, explaining that discussions have been ongoing between his ministry and the Bureau of Public Procurement (BPP) to make sure efficient implementation of the coverage.
He famous that the engagement focuses on key sectors equivalent to textiles and attire, automotive manufacturing, medical gear and furnishings, including that public procurement frameworks are being reviewed to drive native manufacturing.
In response to the minister, authorities procurement stays a strong however underutilised device for industrial improvement, as predictable demand from authorities can appeal to non-public funding and speed up home value-chain development.
Drawing examples from different nations, Owan stated nations like Bangladesh and Vietnam achieved industrial success not by means of excellent infrastructure however by constructing predictability, competitiveness and targeted worth chains.
“Bangladesh grew to become a worldwide garment chief as a result of it created predictability and competitiveness. Vietnam followed a similar path and now exports electronics, clothes and equipment,” he stated.
He additional illustrated the potential of Nigeria’s market utilizing the automotive sector, noting that authorities patronage might incentivise world producers to ascertain native manufacturing crops.
“In the event you inform an organization like Toyota that until it units up crops in Nigeria, no authorities company will purchase its automobiles, it will make sense as a result of the Nigerian market is crucial to them,” he stated.
Owan stated suggestions from producers throughout the nation exhibits that companies prioritise predictability over perfection.
“One producer informed me, ‘I don’t want every thing to be excellent; I simply want issues to be predictable.’ That captures what companies want to speculate, increase and create jobs,” he stated.
He argued that steady insurance policies encourage innovation, funding and industrial growth, whereas uncertainty diverts assets away from development.
“Predictability is the muse of competitiveness. With out it, companies spend extra time dealing with uncertainty than investing in development,” the minister stated.
Owan added that the present administration’s reforms are geared toward shifting Nigeria from a consumption-driven financial system to a rule-based, production-oriented system constructed on stability and confidence.
He warned that Nigeria’s youthful inhabitants might change into a burden if industrial capability will not be expanded to soak up labour and generate sustainable employment.
“A big inhabitants solely is smart whether it is productive. In any other case, it turns into strain, not potential,” he stated.
The minister stated aligning industrial coverage with procurement reforms would assist minimize import dependence, strengthen home manufacturing and guarantee authorities spending helps native industries.
“We’re aligning coverage, procurement and manufacturing. That’s how we convert demography into demand, demand into manufacturing, and manufacturing into jobs,” he stated.
He concluded by stressing that the reforms anticipated in 2026 should translate into job creation, stronger industries, elevated commerce and deeper investments.
