Introduced in 2002, it was operated through tariffs, levies and tax breaks. In the last few years Nigerian manufacturing has shown some degree of recovery.
Manufacturing’s share in output increased to 9.3% in 2017, up from 6% in 2002 (calculations based on UN National Accounts). The policies were initially designed for cement and beverages.
They were later extended to sugar, rice, tomato paste, automotive, oil and gas and textiles. The changes led to Nigeria emerging as the largest cement producer in sub-Saharan Africa. Dangote Industries Limited dominates the Nigerian cement market and is a key player in the rapidly expanding African cement business.
The conglomerate has also expanded its manufacturing activities in a range of food processing industries such as sugar and salt. This expansion has made it the biggest group listed on the Nigerian Stock Exchange.
SOURCE: THE CONVERSATION