The Minister of State for Industry, Senator John Owan, has urged Nigeria to reduce its dependence on imports and strategically direct its large population into productive industrial activities, cautioning that population size alone does not guarantee economic growth.
Speaking at the Redeemed Christian Church of God Lagos Province 35 Economic Summit on Saturday, Owan said the success of the Federal Government’s Nigeria-First policy will hinge on policy predictability, coordinated execution, and leveraging public procurement to stimulate local manufacturing.
President Bola Tinubu introduced the Nigeria-First policy in 2025 to prioritise Nigerian industries in government procurement activities.
“Nigeria does not need to import what we can produce ourselves. We can clothe ourselves,” Owan said. “Yesterday, before leaving Abuja, I met with the DG of the Bureau of Public Procurement to discuss how to implement this policy. The Ministry of Industry and Development is central to this process.”
Owan explained that engagements are already underway between his office and the Bureau of Public Procurement to operationalise the policy across key sectors including textiles, apparel, automotive, medical equipment, and furniture.
“Public procurement is a powerful but underutilised tool for industrial development. Predictable government demand can unlock private investment and accelerate domestic value chains,” he said.
Citing global examples, the minister highlighted how Bangladesh and Vietnam leveraged predictable policies and focused value chains to become global exporters.
“Bangladesh became a global market leader, not because of perfect infrastructure, but through predictability, competitiveness, and focus. Vietnam followed a similar model and now exports electronics, garments, and machinery worldwide,” he said.
Owan stressed that Nigeria’s large population must be made productive to drive economic growth.
“Imagine if we were self-sufficient in clothing or automotive production. We could convert the domestic market into a powerful incentive for companies like Toyota to establish local plants,” he said.
He added that private sector feedback consistently emphasises the need for predictability.
“One manufacturer told me, ‘I don’t need everything to be perfect; I just need things to be predictable.’ That captures what businesses require to invest, expand, and create jobs,” he said.
Owan argued that 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. Without it, businesses spend more resources coping with uncertainty than investing in growth,” he said.
He noted that the administration’s industrial reforms aim to shift Nigeria from discretionary, consumption-driven policies toward a rule-based, production-oriented economy.
“Our reforms are not about chasing perfection. They are about building stability, fairness, and confidence—real foundations of a functioning economy,” Owan said.
The minister warned that Nigeria’s youthful population could become a liability if industrial capacity is not expanded to absorb labour and create sustainable employment.
“A large population only becomes an asset if it is productive. Otherwise, it becomes pressure, not potential,” he said.
Owan emphasised that aligning industrial policy with procurement reforms would reduce import dependence, strengthen domestic manufacturing, and ensure government spending supports local industries.
“We are aligning policy, procurement, and production. That is how we convert demography into demand, demand into production, and production into jobs,” he said.
He concluded with a call for the 2026 reforms to deliver increased job creation, stronger industries, greater trade, and deeper investment.
