The Manufacturers Association of Nigeria (MAN) has urged the government to prioritize industrial-led development as the key to Nigeria's ambition of becoming a $1 trillion economy by 2030.
MAN Director General Segun Ajayi-Kadir said this requires a strategic revival of manufacturing focused on high-value, exportable goods, backed by reliable and affordable energy supply. "Without stable electricity, the manufacturing sector cannot thrive or contribute meaningfully to GDP," he noted.
Ajayi-Kadir described the $1 trillion target as ambitious but achievable, requiring consistent nominal GDP growth of 12–14% annually, or real growth of 6–7%, nearly double the current 3.38% growth rate. He warned that expanding low-productivity sectors like informal trade would deepen inequality and result in jobless growth.
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Highlighting recent GDP rebasing that raised Nigeria's nominal GDP to $243 billion, Ajayi-Kadir cautioned against interpreting this as real economic progress, pointing out that real growth remains weak at an average of 1.95% from 2020 to 2024. He also expressed concern over the decline in industry's share of GDP from 27.65% in 2010 to 21.08% in 2019.
MAN calls for urgent infrastructure upgrades, a coherent, investor-friendly policy environment, and a focus on key manufacturing sub-sectors such as agro-processing and pharmaceuticals. Ajayi-Kadir emphasized the need for a strong manufacturing base, currency stability, and inflation control to turn the $1 trillion vision into a reality.
Without these reforms, he warned, the goal risks being "measured only in numbers, not in national prosperity."
