•Makes case for effective implementation of ‘Nigeria First’
•Cites examples of US, China, India •Says textile industry decline underscores need to prioritise local manufacturing
Stories by Yinka Kolawole
President of the Dangote Group, Aliko Dangote, has declared that every Naira invested in local manufacturing circulates up to 200 percent within the economy.
Dangote stated this at the 5th Adeola Odutola Lecture organised by the Manufacturers Association of Nigeria (MAN) as part of its 53rd Annual General Meeting in Lagos last week, while making a case for the effective implementation of the ‘Nigeria First’ policy initiative of the federal government.
He emphasised the need for a deliberate plan to prioritise national procurement and trade decisions to favour local industrial development and expansion, as it is done in other climes.
His words: “The ‘Nigeria First’ policy calls for a deliberate shift toward local industrial development and expansion ensuring that Nigerian products, talent, and industries take priority in national procurement and trade decisions.
“Implemented effectively, it can boost GDP, reduce import dependence, and generate jobs.
“Each N1 spent on local manufacturing circulates up to N2 within the economy, far exceeding the impact of imports.”
The African richest man cited the experience of the United States, China and India that have adopted several models, and institutional enforcement mechanisms essential to promote local content success.
According to him, the Buy American Act mandates domestic sourcing for federal projects, monitored by the Made in America Office; the Made in China 2025 strategy enforces 70% local content in key sectors through coordinated industrial planning, and the Atmanirbhar Bharat initiative promotes self-reliance, offering over $24 billion in incentives to domestic Indian producers.
“These models used in 3 distinct jurisdictions account for about 49% of the world’s global manufacturing output according to the United Nations Statistics Division, which demonstrates that clear legislation, strict enforcement, and institutional coordination are key to industrial success.
“So, if these nations are deploying such measures, through legislation, strict enforcement and institutional coordination, why can’t we design one that fits our system and adopt it for our own industrial success,” Dangote queried.
The industrialist urged the government to see the decline of Nigeria’s textile industry as a cautionary tale that underscores the urgent need for policies that prioritise domestic manufacturing.
“Once a vibrant sector employing over 500,000 people across 180 mills, the textile industry has suffered from a combination of factors including unchecked importation of finished textiles, outdated machinery, inconsistent government support, and inadequate access to affordable financing.
“As cheap imports flooded the market, local manufacturers struggled to compete, leading to factory closures and widespread job losses,” he lamented.
On the way out, Dangote further stated: “Revitalising this sector requires not just protectionist measures, but also strategic investments in infrastructure, technology, inputs and skills development to restore competitiveness and drive sustainable growth.”
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