Nigeria's economy is presently a total mess but sadly the present administration isn't doing enough or doing the wrong things to remedy the situation.
Policies have been put in place to ban imports in order to revamp exports but it seems the intended result isn't being achieved and this is why:
The basic sectors that drive Industrilization is being underfunded or neglected
Before any country steps up to industrilize, the mining and agricultural sector that provide most of the raw materials needed by industries have to be in fully functional. In Nigeria's case, these sectors have been neglected for decades and allowed to rot. It is very essential that these sectors have to be functioning appropriately to prevent industry owners from sourcing for raw materials outside the country which will lead to depletion of our forex reserve and also increase the cost of production when compared to its imported counterparts. It is presently counter-productive of banning imports when virtually all companies in Nigeria rely on imported raw materials for their industries. I do believe that the Buhari administration have wasted 2 years by neglecting or underfunding the mining and agricultural sectors (both having the lowest budget in the 2016 budget) and also appointing underperforming ministers to man these sensitive posts. To get it right, both sectors should quickly be activated by proper investments by the government and if this task is a tall order for them, the private sector should be given freedom and power to begin investing in both sectors. Bureaucratic bottlenecks should be greatly minimized and incessant government interference should also be avoided. Doing so will boost our raw materials needed for industrilization, create jobs for unemployed youths and also reduce pressure on our foreign reserves.

The power sector is still in comatose
It is alarming that a government that intends to add 20000mw to the national grid has not started out construction works; on an average, most power plants take 4-5 years to be completed, meaning that the present government has already wasted 2 years and has less chances of achieving their 20000mw target. Power is essential for industrilization, given that alternatives to power eg fueling generators etc. is on the high side, serious investments to building more power plants should be ongoing and it is disappointing that nothing of such is happening at the moment.
Also, the issue of gas pipeline vandalism should be looked into and returning peace to the Niger Delta should be of utmost importance.

Government interference on the different sectors of the economy is hindering private sector participation
For a country's economic potentials to be fully utilized, both government and private sectors should play funtional roles with the later playing a more major role. In Nigeria, the case is reverse with the private sector in limbo and the government bearing the full weight and sadly not reaching the desired outcome.
Removal of all hinderance and bottlenecks to private sector participation should be of importance. Presently, the ease of doing business in Nigeria is quite low and this is due to government interference at every given time. For the private sector to thrive, they should be given freedom to operate and take decisions on their own without government constantly meddling into their issues.
The government should focus more on creating an enabling environment and allow the private sector to function optimally.

cc Lalasticlala

Agricultural age.... up to mid 1800's when sugar and other agricultural products were king. Industrial Age.... latter part of 1800's to almost end of 1900's. This is the 21st Century... we are in the Technology Age. Why should we go back to industrialization? ... and pollution over which we have no regards nor controls? Let us enjoy pure free air and a pretty safe environment.