Government targets industrial growth amid rising production expenses and FX pressures
The Federal Government has begun a strategic review of Nigeria’s tariff framework as part of efforts to stimulate local manufacturing, shield domestic industries, and reduce the cost of doing business.
The move followed a high-level meeting between the Tariff Review Board and the Minister of State for Finance, Doris Uzoka-Anite, where existing tariff regimes were assessed against the backdrop of rising production costs, foreign exchange challenges, and global trade volatility.
Discussions at the meeting centred on aligning tariff policies with the Federal Government’s industrialisation agenda, addressing the constraints facing local manufacturers, and adopting a balanced approach that supports critical imports while strengthening domestic value chains.
Uzoka-Anite said the review forms part of broader efforts to drive industrial growth and improve Nigeria’s economic competitiveness, stressing the administration’s commitment to data-driven reforms aimed at building a more resilient and inclusive economy.
According to the minister, the objective is to reposition tariffs as instruments for economic development rather than barriers to productivity, with a clear focus on promoting local production, protecting home-grown industries, and easing operational costs across key manufacturing sectors.
“Our objective is to create a tariff regime that supports local manufacturers, strengthens value chains, and promotes sustainable industrial expansion,” Uzoka-Anite said. “This requires a careful balance between meeting essential import needs and protecting domestic industries from unfair competition.”
A statement issued after the meeting said the government is seeking a more responsive and flexible tariff structure that aligns with its wider industrialisation goals while maintaining market stability in an increasingly uncertain global trade environment.
Key issues examined included tariff-related bottlenecks affecting manufacturers, especially industries reliant on imported raw materials and intermediate goods. Participants also explored options for targeted fiscal relief to ease high input costs faced by local producers.
The discussions highlighted the importance of evidence-based policymaking, with consensus that any tariff adjustments must be guided by empirical data on their effects on production costs, consumer prices, employment, and competitiveness.
By refining tariff policies and other fiscal tools, the Federal Government aims to unlock idle industrial capacity, attract new investments, preserve jobs, and deepen local value addition across the economy.
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