The Federal Government has introduced a new industrial policy aimed at reviving dormant factories, strengthening domestic manufacturing and repositioning Nigeria as a competitive industrial hub.
Minister of State for Industry, John Ovan Enoh, announced the framework during an event with the Nigerian Editors Guild. Industrialization is central to Nigeria's economic transformation, he said, adding that trade and investment alone cannot deliver sustainable prosperity without strong productive industries.
The policy is in line with President Bola Tinubu's 'Renewed Hope' agenda with a focus on local content, import substitution and industrial self-reliance.
Enoh said he recently visited defunct factories that once operated successfully to identify operational challenges and develop strategies to restore them under the new framework.
The policy offers a structured implementation plan with defined timelines, responsibilities and measurable outcomes.
Ayo Omotayo, director-general of the Nigerian Institute for Policy and Strategic Studies, said weak execution had undermined previous industrial policies. He said the new framework addresses this gap through clear accountability and delivery mechanisms.
Recapitalization of Bank of Industry, financing expansion planned
The framework proposes to recapitalize the Bank of Industry to N3 trillion and increase sector-specific intervention funds to the same level.
It also targets annual industrial development expenditure between 3 percent and 5 percent of GDP.
Other measures include:
- To implement 'Nigeria First' policy to promote locally manufactured goods
- Reducing dependence on imported raw materials
- Expanding access to low-interest financing for small and medium enterprises
- Harmonizing tax systems and incentives
- Establishing industrial clusters with shared infrastructure and energy
These measures are aimed at reducing production costs, improving competitiveness and attracting new investments.
Skill development, involving private sector participation
Special Adviser to the President on Industry, Trade and Investment, John Uwajumogu, said the policy will promote rapid industrial growth to keep pace with Nigeria's growing population.
He said an Industrial Revolution Working Group will coordinate implementation and ensure stakeholder alignment.
Officials also plan to expand vocational training and partnerships with technical institutes to address the skill shortage in the manufacturing sector.
The government said it would strengthen cooperation with the private sector to attract investments, encourage joint ventures and promote technology transfer.
Stakeholders identified energy shortages, limited financing, bureaucracy and weak protection of local products as major constraints. Economists said the success of the policy will depend on political will, structured financing and consistent implementation.
