FG Targets N3tn Gains with ‘Nigeria First’ Policy Ahead of IMT Summit August 28

The Federal Government has pledged to work with industry stakeholders to implement the new National Industrial Policy, projecting that the “Nigeria First” initiative could generate up to ₦3 trillion in the short term while reshaping West Africa’s economic future.

This commitment will be a key focus at the West Africa Industrialisation, Manufacturing & Trade (IMT) Summit & Exhibition 2025, scheduled to hold in Lagos this October.

Speaking at a press briefing in Lagos on Wednesday, the Minister of State for Industry, Trade, and Investment, Senator John Uwan-Enoh, said Nigeria’s industrial policy would build on past executive orders that promoted local content, with a renewed push under the “Nigeria First” policy.

He explained, “Past administrations introduced Executive Orders Three and Five to encourage local procurement and prioritise Nigerian-made goods. With the Nigeria First policy, its success will depend on how this administration implements it.”

Uwan-Enoh further revealed that the Ministry would soon launch a nationwide campaign to encourage Nigerians to buy local goods and services. According to him, the initiative could generate up to ₦3 trillion in the short term if it succeeds in changing consumer attitudes.

The minister also highlighted the government’s ongoing reforms, such as the harmonisation of exchange rates, noting that they were beginning to stabilise the economy despite existing challenges. While acknowledging that foreign direct investment remained below expectations, he expressed optimism that consistency and policy stability would attract stronger inflows.

“The West Africa IMT Summit is more than a gathering; it is a platform to accelerate Africa’s march towards true industrialisation,” Uwan-Enoh said. “We must move beyond exporting raw materials to unlocking the full potential of our industries, scaling our MSMEs, and harnessing our manufacturing resources.”

Event organisers, dmg Nigeria Events, said the summit would unite policymakers, investors, and industry leaders to discuss themes such as regional trade integration, infrastructure, financing, and technology in manufacturing.

Wemimo Oyelana, Country Director – Nigeria & Portfolio Director – Energy at dmg Nigeria Events, described the summit as a defining moment for the region.

“The West Africa IMT Summit is more than an industry event; it is a platform to unlock West Africa’s industrial potential,” she said. “The choices we make today on industrialisation, manufacturing, and technology will define our growth story for generations.”

The 2025 edition of the summit, themed “Accelerating West Africa’s Sustainable Industrial Revolution for Economic Prosperity”, will take place at the Landmark Centre, Lagos. It will bring together stakeholders across energy, finance, infrastructure, logistics, technology, trade, and security to drive sustainable industrial growth across the region.