Private Sector Leaders Champion Data-driven Implementation of Nigeria’s Industrial Policy

As Nigeria's new industrial policy enters its crucial implementation phase, private sector leaders are underscoring the importance of data-driven accountability and consistent execution for its success. This emphasis was a central theme at the recent Nigeria Employers Consultative Association (NECA) Employers’ Summit, which convened policymakers, business leaders, and industry stakeholders to evaluate economic reform progress.

The panel discussion, titled “Nigeria’s Industrial Policy: Implications for Industrial Development, Trade and Investment Promotion,” highlighted the policy as a significant achievement. Mr. Segun Ajayi-Kadir, Director-General of the Manufacturers Association of Nigeria (MAN), described it as the most comprehensive industrial policy since Nigeria's independence, clearly defining focus areas for transforming the industrial landscape. He confirmed that a public scorecard review is anticipated in early July, signaling a commitment to transparency and measurable outcomes.

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This is the most comprehensive industrial policy we’ve ever had since independence. It clearly outlines the areas we need to focus upon to transform our industrial landscape.

Participants stressed the need for Nigeria to transition from exporting raw commodities to achieving greater value addition. Mr. Ade Adefeko pointed out that the nation's production and value addition have been progressing arithmetically rather than geometrically. This sentiment was encapsulated in his assertion, "What doesn’t get measured doesn’t get done," highlighting the critical role of data in driving progress and ensuring that the policy's objectives are met.

The summit underscored a collective understanding that effective implementation hinges on robust monitoring and evaluation. By focusing on data-driven accountability, stakeholders aim to ensure that the industrial policy translates into tangible economic development, fostering growth in production and trade, and moving Nigeria towards a more industrialized economy.

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We’ve been moving arithmetically in terms of production and value addition rather than geometrically. What doesn’t get measured doesn’t get done.