The Nigeria Industrial Policy has reached a critical stage, with its second 90-day progress report revealing tangible results. According to John Owan Enoh, Guest Columnist for This Day, the policy's success is no longer measured by promises, but by actual production on factory floors, farms, and markets. The report, published this month, marks a significant milestone, as eight agencies, including the Bank of Industry and the Industrial Training Fund, have submitted their own accounts of progress and challenges.
A key highlight of the report is the mobilization of capital through markets and budgets. The Bank of Industry's inaugural Development Bond was oversubscribed, with a total value of N274.18 billion, demonstrating domestic investors' confidence in Nigerian industry. This development is crucial, as no budget can single-handedly finance the scale of industrial investment required in Nigeria. The policy aims to create credible vehicles for private savings to support industrial growth.
The report also shows significant progress in value addition, with three sugar refiners committing to produce at least 1.22 million tonnes of sugar per year by 2030. This commitment includes annual milestones, which will be monitored and reported on quarterly. The increase in domestic sugar production will lead to reduced imports and creation of jobs in rural communities.
Furthermore, the Standards Organisation of Nigeria has made notable progress, approving 217 Nigerian Industrial Standards and expanding its testing laboratories from three to eight. These standards are essential for Nigerian manufacturers to access the African Continental Free Trade Area and secure government contracts under the Nigeria First policy. The development of quality infrastructure is critical for market access and growth.
The policy has also led to significant advancements in skills development, with over 200,000 artisans registering for training and certification. This initiative aims to rebuild the skills system around certification that employers and foreign markets recognize. By enhancing the skills of the workforce, Nigeria can improve productivity and competitiveness in various industries.
The second 90-day report differs from the first in that it features direct submissions from eight agencies responsible for implementing the policy. This approach provides a more accurate and transparent account of progress, challenges, and future plans. By soliciting reports from these agencies, the Ministry can assess the effectiveness of the policy and make necessary adjustments.
The Nigeria Industrial Policy's focus on delivering tangible results on factory floors, farms, and markets has yielded positive outcomes. The policy's quarterly reporting cycle has created a sense of urgency, encouraging institutions to demonstrate movement and progress. As the policy continues to evolve, it is essential to maintain this momentum and address emerging challenges to ensure sustainable industrial growth.
Key points
- The Nigeria Industrial Policy's second 90-day report shows significant progress in mobilizing capital, increasing value addition, and scaling up quality infrastructure.
- The policy's focus on delivering tangible results on factory floors, farms, and markets has yielded positive outcomes.
- Over 200,000 artisans have registered for training and certification, enhancing the skills of the workforce.
