By Peter Omopo
The Minister of State for Industry, Senator John Owan, has urged Nigeria to urgently cut its dependence on imports and harness its large population for productive industrial activity, warning that population size alone does not translate into economic growth.
Owan made the call on Saturday while speaking at the Redeemed Christian Church of God (RCCG) Lagos Province 35 Economic Summit, where he emphasised that the success of the Federal Government’s Nigeria-First policy depends on policy predictability, coordinated execution, and the strategic use of public procurement to boost local manufacturing.
The Nigeria-First policy, announced by President Bola Tinubu in 2025, prioritises Nigerian-made goods and services in government procurement.
According to the minister, Nigeria has the capacity to meet many of its domestic needs if policies are properly implemented. He disclosed that discussions are already underway between the Ministry of Industry and Development and the Bureau of Public Procurement (BPP) to align procurement frameworks with industrial growth objectives across key sectors, including textiles and apparel, automotive manufacturing, medical equipment, and furniture.
Owan described public procurement as a powerful but underutilised tool for industrial development, noting that predictable government demand could unlock private investment and accelerate domestic value-chain expansion.
Drawing from international examples, he said countries such as Bangladesh and Vietnam achieved global competitiveness not through perfect infrastructure, but by building policy predictability, competitiveness, and focused value chains. He stressed that Nigeria’s large population would only become an economic advantage if it is meaningfully integrated into productive sectors.
The minister highlighted the potential impact of self-sufficiency, particularly in sectors such as clothing and automobiles, arguing that government purchasing power could incentivise global manufacturers to establish local production facilities. He noted that the Nigerian market remains highly attractive and could be leveraged to drive domestic industrialisation.
Owan also relayed feedback from manufacturers, who, he said, prioritise stability over perfection in the business environment. He explained that predictable policies encourage investment, expansion, and job creation, while uncertainty forces businesses to divert resources toward managing risks rather than growth.
He added that the current administration’s reforms are aimed at shifting Nigeria from a consumption-driven economy to a rule-based, production-oriented one, anchored on stability, fairness, and investor confidence.
Warning that Nigeria’s youthful population could become a burden without sufficient industrial capacity, Owan stressed the need to expand manufacturing to absorb labour and create sustainable employment. He said aligning industrial policy with procurement reform would reduce import dependence, strengthen local industries, and ensure that government spending supports domestic production.
The minister concluded by expressing optimism that ongoing reforms would deliver stronger industries, increased job creation, higher trade volumes, and deeper investment outcomes in 2026.
