New framework targets Bank of Industry recapitalisation, double-digit growth and a manufacturing renaissance under Tinubu’s Renewed Hope agenda….
The Federal Government has rolled out an ambitious industrial policy aimed at resuscitating dormant factories, deepening domestic manufacturing and repositioning Nigeria as a globally competitive industrial powerhouse.
The new framework was unveiled by the Minister of State for Industry, John Owan Enoh, during an engagement with members of the Nigerian Guild of Editors.
Enoh described industrialisation as the backbone of sustainable economic transformation, noting that while trade and investment are critical, long-term prosperity can only be secured through strong, productive industries capable of competing on the global stage.
According to him, the policy aligns closely with President Bola Ahmed Tinubu’s Renewed Hope agenda, particularly its focus on local content development, import substitution and industrial self-reliance.
Reviving Nigeria’s Industrial Backbone
Enoh revealed that he recently toured several once-thriving factories that are now inactive, assessing their operational bottlenecks and exploring pathways for revival under the new framework.
Analysts say the policy represents a departure from past industrial strategies that faltered due to weak implementation and lack of accountability.
The Director-General of the Nigerian Institute for Policy and Strategic Studies, Ayo Omotayo, noted that previous initiatives often failed not because of poor design, but because of ineffective execution. He explained that the new framework introduces a comprehensive implementation matrix detailing objectives, timelines, responsible actors, deliverables and measurable outcomes, a move designed to ensure transparency and accountability.
Nigeria First and Strategic Financing
Central to the policy is the enforcement of a “Nigeria First” approach, encouraging patronage of locally manufactured goods and reducing dependence on imported raw materials. The framework also promotes value addition across priority sectors to strengthen supply chains and improve export potential.
A key pillar of the initiative is the proposed recapitalisation of the Bank of Industry to N3 trillion, alongside the expansion of sector-specific intervention funds to the same level. The government is also proposing annual industrial development spending equivalent to between 3 and 5 percent of Gross Domestic Product (GDP).
Other measures include harmonising tax systems and incentives, streamlining waivers, improving access to long-term low-interest financing for micro, small and medium enterprises (MSMEs), and establishing industrial clusters with shared infrastructure and reliable energy supply.
Officials say these steps are intended to reduce production costs, enhance competitiveness and attract fresh local and foreign investment.
Driving Double-Digit Growth
Speaking at the event, the President’s Special Adviser on Industry, Trade and Investment, John Uwajumogu, emphasised that Nigeria must target double-digit economic growth to match its rapidly expanding population and development ambitions.
He disclosed that an industrial revolution working group has been constituted to coordinate stakeholders and ensure the policy’s effective execution.
Stakeholders at the forum identified persistent structural challenges including energy insecurity, limited access to affordable finance, bureaucratic bottlenecks, skills shortages and weak consumer patronage of local products as obstacles the framework must decisively tackle.
Economists argue that if backed by strong political will, structured financing and strict accountability, the policy could signal a turning point in Nigeria’s long-struggling industrial sector.
Industry observers also stress the importance of workforce development. With one of the world’s youngest populations, Nigeria has a significant demographic advantage provided vocational training systems and technical institutions are strengthened to equip citizens with modern manufacturing skills.
The government has pledged deeper collaboration with the private sector, acknowledging that public spending alone cannot drive industrial transformation. Officials say the framework will promote joint ventures, encourage foreign direct investment and facilitate technology transfer laying the foundation for a modern, resilient and globally competitive industrial base.
