Nigeria’s minister of commerce, Dr. Adebayo Coleman, has urged immediate policy reforms to enhance local manufacturing and increase export competitiveness. Speaking at a recent economic summit in Lagos, Coleman emphasized the need for regulatory adjustments and infrastructure upgrades to support domestic industries. He highlighted that current export figures remain below potential due to outdated policies and limited access to international markets.
Coleman pointed to the need for streamlined customs procedures and tax incentives for small and medium enterprises. He also called for greater investment in industrial zones and vocational training to improve workforce skills. According to official data, Nigeria’s manufacturing sector contributes less than 10% to GDP, compared to an average of 15% in similar economies.
The push for reform comes amid growing pressure to diversify the economy away from oil dependence. In 2025, the Nigerian government launched a five-year industrialization plan, but progress has been slow. Coleman acknowledged challenges such as bureaucratic delays and inconsistent enforcement of regulations. He stressed that reforms must be implemented quickly to avoid further economic stagnation.
Nigeria’s economic strategy has long aimed to reduce reliance on oil revenues, which account for over 80% of export earnings. The manufacturing sector has been identified as a key growth area, but it has struggled with high costs, limited access to credit, and weak supply chains. Coleman’s remarks align with broader efforts to attract foreign investment and improve the business environment.
The government has also announced plans to establish new industrial parks in key regions, including Lagos and Kano, to create jobs and stimulate local production. However, experts warn that success will depend on consistent policy implementation and long-term planning. The minister’s call for reform signals a renewed focus on economic transformation.
