The federal government has unveiled a new industrial policy designed to revive dormant factories, strengthen domestic manufacturing, and reposition the country as a competitive industrial hub.
John Owan Enoh, the minister of state for industry,
announced the framework during a recent engagement with members of the Nigerian
Guild of Editors.
He said industrialisation is central to Nigeria’s economic
transformation, stressing that while trade and investment remain important,
lasting prosperity depends on productive industries capable of competing
globally.
The policy is said to be closely aligned with President Bola
Tinubu’s ‘Renewed Hope’ agenda, particularly its emphasis on local content,
import substitution, and industrial self‑sufficiency.
Enoh disclosed that he had recently visited several inactive
factories that were once thriving to assess operational challenges and identify
pathways for their revival under the new framework.
Analysts describe the initiative as a marked departure from
previous strategies, citing its structured implementation plan and
accountability mechanisms.
Ayo Omotayo, director‑general of the Nigerian Institute
for Policy and Strategic Studies, said earlier policies failed largely due to
weak execution.
He said the new framework introduces a detailed
implementation matrix with clear objectives, timelines, actors, deliverables,
and measurable outcomes.
Key provisions of the framework include enforcing the
‘Nigeria First’ policy to encourage patronage of locally made goods, reducing
reliance on imported raw materials, and promoting value addition across
critical sectors.
FRAMEWORK SEEKS RECAPITALISATION OF THE BANK OF INDUSTRY
The framework also proposes an annual industrial development
spending of 3 percent to 5 percent of gross domestic product (GDP),
recapitalisation of the Bank of Industry to N3 trillion, and expansion of
sector‑specific
intervention funds to the same level.
Additional measures reportedly cover harmonisation of tax
systems, incentives and waivers, improved access to long‑term, low‑interest
financing for micro, small, and medium enterprises, and the establishment of
industrial clusters with shared infrastructure and energy facilities.
The initiatives are expected to lower production costs,
enhance competitiveness, and attract new investment.
Speaking at the event, John Uwajumogu, special adviser to
the president on industry, trade and investment, said the policy is designed to
drive exponential growth to match Nigeria’s rapidly expanding population.
He said double‑digit growth rates are essential
to meet national development aspirations, adding that an industrial revolution
working group has been established to coordinate stakeholders and ensure
effective execution.
Stakeholders at the engagement identified energy insecurity,
financing constraints, bureaucracy, skills gaps, and weak patronage of local
products as persistent challenges.
Economists, however, believe that with political will,
structured financing, and accountability frameworks, the new policy could mark
a turning point in Nigeria’s quest for industrial revival and sustainable
economic transformation.
Industry observers also highlight the importance of skills
development, noting that Nigeria’s youthful population presents a significant
opportunity if adequately trained for modern manufacturing processes.
The policy framework is expected to integrate vocational
training and partnerships with technical institutions to bridge existing skills
gaps.
The government has also pledged to strengthen collaboration
with the private sector, recognising that industrial growth cannot be achieved
by public investment alone.
Officials say the policy will encourage joint ventures,
attract foreign direct investment (FDI), and foster innovation through
technology transfer, ensuring that Nigeria’s industrial base is globally
competitive.
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