As president Bola Ahmed Tinubu intensifies efforts to actualize his ambition of transforming Nigeria into a $1 trillion economy by 2030, prominent indigenous business leaders have called for deliberate and sustained government support for local players, especially in the technology and manufacturing sectors.
They argued that Nigeria’s economic transformation cannot be achieved without aggressively protecting and promoting indigenous companies, particularly in the Information Communication and Technology (ICT) and manufacturing sectors.
Tinubu has repeatedly emphasized the importance of local production as a pathway to economic growth, food security, and job creation. His administration has promoted a “Buy Nigeria” campaign and signaled intent to re-industrialize the country through investments in agriculture, infrastructure, and manufacturing.
Read also: FG expends $40m on rural economy, jobs in Niger Delta
However, stakeholders warn that these goals will remain elusive without structured support for homegrown enterprises.
Speaking recently at the Nigeria Manufacturers’ Summit in Abuja, Aliko Dangote, president of Dangote Group, called for a reversal of policies that expose Nigerian industries to unfair competition. “No country in the world leaves its domestic producers at the mercy of indiscriminate imports,” Dangote said, citing protectionist policies in the United States, India, and Europe, ranging from import bans to targeted subsidies.
According to Dangote, Nigeria must adopt similar policies to shield local manufacturers and ICT innovators from being displaced by foreign competitors. He stressed that unless the government actively protects indigenous businesses, the path to a trillion-dollar economy will remain a distant aspiration.
Leo Stan Ekeh, chairman of Zinox Group and a pioneer in Nigeria’s digital economy, echoed these sentiments, warning that Nigeria’s failure to nurture its ICT sector is slowing down the country’s growth potential.
Ekeh, who led the Computerise Nigeria initiative that helped digitize schools, banks, and government institutions, lamented the neglect of local tech firms in national procurement.
In an open letter to President Tinubu, Ekeh wrote: “It is evident that the core of the myriad challenges afflicting the nation today is our failure to develop local capacities. We must embrace self-sufficiency by consuming what we produce and supporting indigenous players across various sectors.”
He criticized the widespread disregard of local content laws by Ministries, Departments and Agencies (MDAs), even as he called for an urgent shift in mindset. “We send our children to the world’s best institutions, where they excel, yet we overlook the products they create,” Ekeh noted, adding that government patronage of local solutions must be enforced.
He cited the Indian government’s 2023 move to restrict imports of laptops, tablets, and servers as a practical example of policy supporting local productivity. According to Ekeh, similar policies in Nigeria would not only protect local players but also attract multinational partnerships and boost job creation.
Energy supply was another critical issue highlighted by the Zinox chairman, as he cautioned that Nigeria’s digital economy cannot flourish on an average of four hours of electricity per day, as reported by the National Bureau of Statistics (NBS). Without reliable power, the ambition of building a thriving digital economy remains a dream, he warned.
At the inaugural Domestic Investors Summit in Abuja, minister of Industry, Trade and Investment, Dr. Jumoke Oduwole reaffirmed the Tinubu administration’s determination to reach a $1 trillion GDP by 2030. She outlined targets for 2025, including $6 billion in foreign and portfolio investment, $6.5 billion in non-oil exports, and the creation of 200,000 export-led jobs.
Read also: Nigeria’s economy at a turning point, says The Economist
However, public policy analyst, Aliyu Gaya averred that these economic projections will remain fragile unless the government institutionalizes robust support systems for indigenous firms. “Local ICT companies are not just job creators, they are the infrastructure of Nigeria’s digital future. Ignoring them weakens the very foundation Tinubu hopes to build upon,” Gaya noted.
He added that the treatment of local investors and innovators signals to the rest of the world whether Nigeria is ready for serious economic transformation. “How we treat our own determines how the global market treats us. No foreign investor will take us seriously if we continue to neglect our own giants,” Gaya affirmed.
