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Lagos, Nigeria – Nigeria must reduce its dependence on imports and leverage its population for productive industrial growth, said Senator John Owan, Minister of State for Industry.
Speaking at the RCCG Lagos Province 35 Economic Summit on Saturday, Owan stressed that Nigeria’s success under the Nigeria-First policy depends on policy predictability, coordinated execution, and using public procurement to boost local manufacturing.
“Nigeria does not need to import what we can produce. We can clothe ourselves. The challenge now is execution, and the Ministry of Industry and Development plays a key role,” he said.
Focus on Key Sectors
Owan revealed that discussions with the Bureau of Public Procurement (BPP) focus on textiles, automotive, medical equipment, and furniture. He noted that predictable government demand can attract private investment and accelerate domestic value-chain growth.
“Bangladesh became a global market leader in organic products not because of perfect infrastructure, but because it built predictability and competitiveness. Vietnam followed a similar path exporting electronics, garments, and machinery. A large population only becomes an asset when it is productive.”
Vision for Self-Sufficiency
The minister painted a picture of Nigeria reducing import dependence:
“Imagine if we didn’t have to import all our clothing or rely on imports for vehicles. If Toyota knew the government would purchase only locally-made vehicles within a year or two, it would make sense. The Nigerian market is large enough to drive such decisions.”
Predictability Drives Investment
Owan emphasized the importance of stable policies:
“‘I don’t need everything to be perfect; I just need predictability.’ That is what businesses need to invest, expand, and create jobs.”
He added:
“Entrepreneurs innovate when rules are stable, investors commit capital when policy direction is clear, and manufacturers expand when planning horizons are reliable. Predictability is the foundation of competitiveness.”
Industrial Reforms for Job Creation
The minister warned that Nigeria’s youthful population could become a liability if industrial capacity does not expand fast enough:
“A large population only makes sense if it is productive. Otherwise, it becomes pressure, not potential.”
Owan concluded that aligning industrial policy with procurement reform will reduce import dependence, strengthen domestic manufacturing, and create jobs:
“We are converting demography into demand, demand into production, and production into jobs. Nigeria’s 2026 reforms must focus on job creation, stronger industries, increased trade, and deeper investments.”
