The Minister of State for Industry, Senator John Owan, has called on Nigeria to urgently reduce its reliance on imports and channel its large population into productive industrial activity, warning that “demography alone does not guarantee economic growth.”
Speaking at the Redeemed Christian Church of God Lagos Province 35 Economic Summit on Saturday, Owan stressed that the success of the Federal Government’s Nigeria-First policy hinges on policy predictability, coordinated execution, and the strategic use of public procurement to stimulate local manufacturing.
The policy, announced by President Bola Tinubu in 2025, prioritises Nigerian industries in government procurement activities.
“Nigeria does not need to import what we can. We can clothe ourselves. Yesterday, before leaving Abuja, I was in a meeting with the DG of the BPP. What was that meeting about? Mr President announced a Nigeria-First policy. Now, the challenge is to get it to work. What’s the best way to implement and to execute such a policy? The Ministry of Industry and Development is key,” Owan said.
He explained that engagements have begun between the Ministry and the Bureau of Public Procurement (BPP), covering sectors such as textiles and apparel, automotive, medical equipment, and furniture.
“Because what that Bureau wants to do is to see how to get this implemented by the kind of public procurement framework that is put in place. And I think that the opportunities are coming,” he added.
The minister noted that public procurement is a powerful but underutilised tool for industrial development, with predictable government demand capable of unlocking private investment and accelerating domestic value-chain growth.
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Citing international examples, Owan said: “Bangladesh became a global market, organic leader, not because of that perfect infrastructure, but because it built predictability, level competitiveness, and focused value chains. I mean, Vietnam followed a similar model and now exports electronics, garments, and machinery to the world. I often give the example that a huge population as a country will only make sense if we can become a bit more inclusive.”
He elaborated on the potential of self-sufficiency: “Imagine what it would be like to be self-sufficient in terms of our clothing. Imagine that we didn’t have to import everything that had to do with our clothing. I mean, I mentioned the example of the automotive sector, and I say that every day we have a very important council meeting. When we close, it’s like an international motor fair for Toyota. Yet, if you gave Toyota one or two years and say, ‘Toyota, unless you establish plants in our country, no government, department, or agency would buy Toyota.’ It would make sense, because the Nigerian market remains key to Toyota.”
Owan also highlighted feedback from the private sector, stressing the importance of predictability in driving investment. “One manufacturer told me very clearly: ‘I don’t need everything to be perfect; I just need things to be predictable.’ That statement captures the essence of what businesses require to invest, expand, and create jobs,” he said.
He argued that entrepreneurs innovate only when rules are stable, investors commit capital only when policy direction is clear, and manufacturers expand only 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 added.
Owan said the current administration’s reforms aim to move Nigeria away 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 because those are the real foundations of a functioning economy,” he said.
The minister emphasised that Nigeria’s youthful population could become a liability if industrial capacity does not expand fast enough to absorb labour and create sustainable employment. “A large population only makes sense if it is productive. Otherwise, it becomes pressure, not potential,” he warned.
He added that aligning industrial policy with procurement reform would help reduce import dependence, strengthen domestic manufacturing, and ensure that government spending supports local industry rather than foreign producers.
“We are aligning policy, procurement, and production. That is how we convert demography into demand, demand into production, and production into jobs,” he said.
Owan concluded by urging that the reforms in 2026 must deliver increased job creation, stronger industries, higher trade, and deeper investments.
