The Chairman, Manufacturers Association of Nigeria Export Group, and Director, Corporate and Regulatory Affairs, British American Tobacco Nigeria, Ruth Owojaiye, has called for stronger industrial policy execution, regulatory coordination and industry-government collaboration to translate Nigeria’s economic reforms into tangible gains for manufacturers and consumers.
According to a statement, Owojaiye made the call while speaking as a panellist at the Nigeria Manufacturing & Trade Outlook 2026, during a session titled ‘Reform and Reality: Nigeria’s Manufacturing Sector at an Inflection Point.’
The event, themed ‘Competing Globally, Building Locally: Nigeria’s Manufacturing Imperative,’ brought together business leaders, policymakers, investors and industry stakeholders.
Addressing the gap between macroeconomic reforms and realities on the factory floor, Owojaiye acknowledged progress in the wider economy but noted that its benefits had yet to translate sufficiently into stronger consumer purchasing power and lower operating costs.
“There is still a gap between the macroeconomic benefits that everybody sees and how it drills down to the person who buys the product,” Owojaiye said.
She urged policymakers to place as much emphasis on effective implementation as on policy formulation, calling for coordinated regulatory processes, clearer guidelines and predictable timelines.
Nigeria’s $22b Oil Investment Slump Triggers Capacity Concerns
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said the country’s yearly oil and gas investment fell by about $22 billion between 2014 and 2023, dropping from about $24 billion to roughly $2 billion.
The Commission Chief Executive, Oritsemeyiwa Eyesan, said the more than 90 per cent decline in investment over the period had depleted the country’s pool of geoscientists, petroleum engineers and other critical technical professionals, raising concerns about the capacity required as investment and project development return to the sector.
Eyesan spoke during the “Setting the Agenda” panel on Local Content & Human Capital under PIA 2021 & NOGICD, held on the second day of the Oil and Gas Trainers Association of Nigeria (OGTAN) Human Capacity Development Conference and Expo at the Petroleum Training Institute, Effurun, Delta State.
She said the prolonged investment contraction did not only affect capital spending and exploration activity but also triggered a corresponding erosion of human capital, with geoscientists among the first professionals to leave the industry when companies began cutting budgets.
According to her, petroleum engineers were subsequently affected as the downturn deepened, with some made redundant while others were increasingly restricted to maintenance functions as operators moved from expansion to survival.
Eyesan said the industry was now moving in a positive direction, with renewed investment and project development creating an urgent requirement for a new generation of highly specialised professionals.
