Inconsistent policies and poor implementation are significant obstacles to Nigeria’s industrialization efforts, making investment planning challenging for manufacturers. This observation was made by the President of the Lagos Chamber of Commerce and Industry (LCCI), Gabriel Idahosa, along with other experts at the recent LCCI symposium titled “Industrial Symposium: Industries as the Catalyst for Growth and Economic Development,” held in Lagos.
The experts emphasized that national economic growth hinges on providing adequate support to the manufacturing sector. Idahosa stated, “Manufacturing, which ought to have stood as a pillar that can reduce inflationary pressures by increasing domestic production, reducing imports, and stabilizing the naira, is failing due to the challenges limiting the sector.”
He highlighted that frequent policy changes, regulatory uncertainty, and inconsistent law enforcement create an unstable business environment for manufacturers. Industries require long-term planning and investment, but unpredictability in policies makes manufacturers hesitant to commit.
Idahosa urged the government to prioritize creating a stable and predictable policy environment to attract both domestic and foreign investments. “Industries are not just a means of creating wealth but also catalysts for broader economic transformation. By focusing on the development of key sectors such as manufacturing, agriculture, and technology, Nigeria can overcome its current economic challenges and build a more prosperous future for all,” he added.
Sada Ladan-Baki, Group Executive Director for Export and International Trade at Dangote Cement, echoed Idahosa’s sentiments, noting that many manufacturers lack clarity about the country’s industrial policies due to inconsistencies. He emphasized that Nigeria can only drive economic growth with sound industrial policies that are consistent and supported by affordable credit.
