Policy implementation hindering Nigeria’s industrial growth – BATN

Nigeria's manufacturing sector faces significant hurdles due to poor policy execution rather than a shortage of industrial policy frameworks, according to BAT Nigeria. Ruth Owojaiye, Director of Corporate & Regulatory Affairs at BATN, stated that while Nigeria has developed policies, their effectiveness hinges on proper implementation.

"The challenge facing Nigeria today is not policy formulation; it is policy execution," Owojaiye said at the BusinessDay Manufacturing Conference. She highlighted the persistent electricity deficit as a critical constraint, noting that Nigeria's generation capacity of 4,000-5,000 megawatts falls far short of the estimated 100,000 megawatts needed. This forces manufacturers to invest heavily in alternative power sources, increasing production costs and limiting growth, especially for SMEs.

Owojaiye also pointed to regulatory challenges, including overlapping rules, fragmented oversight, and policy inconsistencies, which raise compliance costs and create business uncertainty. She urged for improved coordination among government agencies to streamline regulations and ensure they achieve their goals without burdening manufacturers. The company stressed that regulatory stability, predictable foreign exchange, and consistent policy enforcement are crucial for attracting long-term investment.

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The challenge facing Nigeria today is not policy formulation; it is policy execution. We have numerous frameworks designed to support manufacturing, investment and industrial growth. The real question is how quickly and effectively we can translate these policies into tangible outcomes.