President Bola Tinubu’s administration stands out for its bold ambition and fearless leadership. Among its most audacious goals is transforming Nigeria into a $1 trillion economy by 2030. This vision is underpinned by a firm commitment to boosting local production and advancing food security as foundational pillars for sustained economic growth. Central to this strategy is the promotion of the “Nigeria First” and “Buy Nigeria” policies aimed at revitalizing indigenous manufacturing and services.
Building on a Legacy: The Roots of “Buy Nigeria”
Tinubu’s focus on local content echoes the efforts of former President Olusegun Obasanjo, who pioneered the “Buy Nigeria” campaign during the Fourth Republic. Unlike mere rhetoric, Obasanjo’s policy was backed by decisive government action that yielded tangible results. Indigenous products such as fruit drinks replaced imported alternatives, air time cards for GSM providers were locally produced, and government agencies standardized on locally assembled computer hardware and software.
Despite this initial momentum, subsequent administrations failed to maintain the drive for local patronage, leading to lost opportunities in industrialization. Now, Tinubu appears determined to rekindle this spirit and take it further.
Indigenous Industry Leaders Call for Stronger Government Support
To realize the $1 trillion economy ambition, President Tinubu must heed voices from Nigeria’s industrial champions who understand the critical role of local production in economic transformation.
Aliko Dangote, Africa’s leading industrialist and owner of the continent’s largest refinery, has raised concerns about the lack of protective policies for indigenous companies. Speaking at the Nigeria Manufacturers’ Summit in Abuja, Dangote emphasized the need for policies that shield local industries from unfair competition, including the unchecked importation of goods produced domestically. He highlighted global examples where governments enacted strong measures to protect local businesses—from the US blocking foreign steel acquisitions and imposing tariffs on Chinese imports to Europe’s response to Russian gas restrictions.
Such protectionism has enabled local firms in these countries to thrive, create jobs, and boost national prosperity—benefits Nigerian manufacturers continue to miss out on.
The Digital Pioneer’s Perspective: Power and Patronage Matter
Stan Ekeh, Chairman of Zinox Group and a pioneer in Nigeria’s digital transformation, echoes Dangote’s call for government backing of indigenous enterprises. Ekeh has endured setbacks and corporate bullying despite his significant contributions to education, banking, media, and other sectors through his Computerise Nigeria project.
Ekeh warns that the current state of power supply—averaging only four hours daily—cannot sustain the industrial growth necessary for the $1 trillion economy. He stresses that genuine local producers face unfair treatment from fringe private interests and complicit public officials, hindering economic progress.
He advocates for strict enforcement of “Buy Nigeria” policies, especially within government ministries and agencies, to ensure consistent patronage of local manufacturers and service providers.
Learning from Global Best Practices
Ekeh cites India’s recent decision to ban imports of laptops, tablets, and other computing devices starting November 2023, a move designed to boost domestic manufacturing by multinational and indigenous firms alike. This policy aims to create jobs, improve local expertise, and reduce capital flight.
He urges President Tinubu to take similar decisive steps, arguing that nurturing local industries not only builds domestic confidence but also enhances Nigeria’s appeal to foreign investors. The treatment of indigenous investors, he warns, will shape how attractive the country is to international capital.
Government Reaffirmation and Economic Targets
The government’s commitment to this vision was reiterated by Minister of Industry, Trade, and Investment Dr. Jumoke Oduwole at the inaugural Domestic Investors Summit in Abuja. She outlined ambitious targets for 2025, including attracting $6 billion in foreign direct investment, increasing non-oil exports to $6.5 billion, boosting trade value by 20%, and creating 200,000 export-led jobs.
These goals are commendable but hinge critically on the government’s ability to protect and empower local investors, as urged by Dangote, Ekeh, and other indigenous stakeholders.
Conclusion: Protecting Indigenous Industry as the Cornerstone of Economic Growth
President Tinubu’s trillion-dollar vision is bold and inspiring. However, achieving it requires more than lofty goals—it demands concrete policy shifts that safeguard local industries from unfair competition, ensure reliable infrastructure like power, and promote consistent government patronage of indigenous products and services.
The voices of Nigeria’s foremost industrialists make one point clear: without deliberate and decisive government action to nurture local production, the country risks squandering its vast economic potential.
Supporting indigenous enterprises is not just about nationalism—it is a pragmatic pathway to job creation, economic diversification, and sustainable prosperity for all Nigerians.
