By Adedapo Adesanya

The federal government is set to unveil strategies for implementing the new National Industrial Policy (NIP) to develop, scale industries and transform the region’s economic future.

The Minister of State for Industry, Trade and Investment, Mr John Owan Enoh, made the disclosure on Wednesday during a press conference to unveil the agenda for the upcoming West Africa Industrialisation, Manufacturing & Trade (West Africa IMT) Summit and Exhibition 2025.

The summit themed Accelerating West Africa’s Sustainable Industrial Revolution for Economic Prosperity, will hold on October 21 to 23, 2025, at the Landmark Centre, Lagos.

According to the organisers, the summit will bring together key industry stakeholders in the West African region to engage in impactful dialogue and explore opportunities for public and private sector collaborations.

The minister noted that the national industrial policy provides a blueprint, forming Nigeria’s compass for industrial rebirth.

“Our commitment is simple, from raw materials to value-added products, and from dependency to competitiveness, adding that Nigeria’s industrialization is not about numbers, but about the jobs, the dignity, and hope for millions of our citizens.

“We are building an economy that manufactures, innovates, and exports, an economy that works for Nigeria, for the whole of West Africa and the world,” he stated.

Mr Enoh said the summit provides opportunities for the region, adding that the West Africa IMT summit and exhibition is a platform to accelerate Africa’s march towards true industrialisation.

“For too long, our progress has been tied to the export of raw materials, but the time has come to unlock the full potential of our industries, scale our MSMEs, and harness our abundant manufacturing resources,” adding that industrial growth is not just an economic imperative; it is the foundation for job creation, skills development, and sustainable prosperity.

Mr Enoh said that is why the Ministry is not only endorsing West Africa IMT, but fully committed to its success, because the “future of our nation and the region depends on how boldly we embrace industrialisation today.”

In her remarks, Mrs Wemimo Oyelana, Country Director for Nigeria and Portfolio Director for Energy for dmg Nigeria Events, said the summit is a platform to unlock West Africa’s true industrial potential.

“We are at a defining moment as a region, where the decisions we make around industrialisation, manufacturing, and technology will shape our growth story for generations to come. A story that we must own and champion. Our goal is to create an open space where the industrial ecosystem can come together not just to exchange ideas but to build and implement practical solutions that strengthen industries, drive trade, and create opportunities for our people.

“This summit is about accelerating an industrial revolution that is sustainable, inclusive, and capable of delivering real impact for communities across West Africa.”

By Adedapo Adesanya

The Central Bank of Nigeria (CBN) has urged manufacturers to lead efforts in diversifying Nigeria’s foreign exchange earnings from crude oil dependence.

The Governor of the apex bank, Mr Yemi Cardoso, made the call at the 54th Annual General Meeting (AGM) of the Manufacturers Association of Nigeria (MAN), Apapa Branch.

Represented by the Director of Trade and Exchange Department, Mr Aliyu Ashiru, he said in his speech that Nigeria’s economy had long been dominated by crude oil exports, which accounted for more than 80 per cent of foreign exchange inflows.

He, however, noted that the dependence has made the economy highly vulnerable to external shocks, stressing that manufacturing held significant potential to conserve forex, expand exports with value-added products, create jobs at all levels, and enhance macroeconomic stability.

The apex bank governor said a deliberate, coordinated, long-term strategy was required to unlock the sector’s full potential and transform it into a major forex earner, listing strategic pillars for growth, including policy alignment, investment in infrastructure and energy, access to finance and forex, value addition, and backward integration.

Mr Cardoso emphasised the need for a comprehensive industrial policy prioritising export-oriented manufacturing.

“This policy must be stable, predictable and aligned with trade, monetary and fiscal frameworks.

“Incentives such as tax holidays, duty waivers for machinery, export rebates and investment guarantees should target manufacturers producing for export markets.

“Nigeria must move from exporting raw materials to value-added products.

“This requires deliberate investment in backward integration, especially in agro-processing, petrochemicals and solid minerals,” he said.

Mr Cardoso assured that the CBN would continue supporting the sector through proactive monetary policies and targeted financing interventions.

On his part, President of MAN, Mr Francis Meshioye, said global oil price volatility underscored the urgency of diversifying Nigeria’s foreign exchange sources.

He identified priority areas including better infrastructure, lower production costs, affordable finance and the promotion of high-export-potential products.

Mr Meshioye also urged government intervention in industrial clusters, particularly within Amuwo-Odofin and Apapa areas of Lagos State.

“We urge government to address road networks in Amuwo-Odofin and Kirikiri industrial layouts, where many companies operate.

“Firms are willing to support rehabilitation in exchange for tax breaks.

“Improved industrial roads will reduce vehicle wear, enhance logistics and boost competitiveness,” he said.

Mr Meshioye further called for harmonisation of taxes and levies, particularly at local government level, to reduce exploitation and improve compliance for manufacturers.

For the Lagos State Governor, Mr Babajide Sanwo-Olu, he reaffirmed support for the sector, describing it as a formidable pillar for inclusive economic growth.

Represented by Mrs Folashade Ambrose-Medebem, Commissioner for Commerce, Cooperatives, Trade and Investment, he said his administration prioritised creating an enabling environment where industries could thrive, expand and compete globally.

“The disruptions and forex crisis experienced over the years highlight the importance of reducing import dependence.

“Lagos is championing agro-industrial linkages, connecting farmers to processors and strengthening local supply chains.

“In this digital age, competitiveness is inseparable from innovation.

“Lagos is building an innovation-driven economy where smart manufacturing supports productivity and efficiency,” he said.

Adding his input, the Chairman of MAN Apapa Branch, Mr Raphael Danilola, appealed to government to address operational challenges affecting manufacturers nationwide.

He identified challenges including poor road networks in industrial clusters, inadequate power, rising logistics costs, insecurity, and forex volatility.

Mr Danilola said tackling these problems was essential to improve competitiveness and boost manufacturing’s contribution to forex earnings.

By Adedapo Adesanya

FrieslandCampina Wamco Nigeria helped the NASD Over-the-Counter (OTC) Securities Exchange up by 0.05 per cent on Wednesday, August 27.

The milk producer was the solitary price gainer as it chalked up 66 Kobo to sell for N68.19 per share compared with the preceding session’s N67.53 per share.

However, Afriland Properties Plc lost 5 Kobo to close at N19.90 per unit versus N19.95 per unit, and Industrial and General Insurance (IGI) Plc depreciated by 1 Kobo to finish at 60 Kobo per share compared with Tuesday’s closing price of 61 Kobo per share.

When the market closed for the day, the market capitalisation rose by N1.08 billion to N2.181 trillion from N2.179 trillion and the NASD Unlisted Security Index (NSI) increased by 1.80 points to 3,645.25 points from 3,643.45 points.

Yesterday, the volume of securities traded at the session went up by 644.9 per cent to 53.3 million units from the previous 7.2 million units, just as the value of securities jumped by 1,152.4 per cent to N106.2 million from the N8.5 million recorded a day earlier, while the number of deals closed south by 20.41 per cent to 39 deals from 49 deals.

Okitipupa Plc ended the session as the most traded stock by value on a year-to-date basis with 158.7 million units transacted for N5.9 billion, followed by Air Liquide Plc with 507.2 million units worth N4.2 billion, and FrieslandCampina Wamco Nigeria Plc with 44.3 million units valued at N1.9 billion.

Also, IGI Plc was the most traded stock by volume on a year-to-date basis with 1.2 billion units worth N402.9 million, trailed by Impresit Bakolori Plc with 536.9 million units valued at N524.8 million, and Air Liquide Plc with 507.2 million units sold for N4.2 billion.