Economy
FG to Unveil National Industrial Policy in October
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 Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
