By Adeyemi David
The Federal Government has introduced a new industrial policy designed to revive dormant factories, strengthen domestic manufacturing, and reposition Nigeria as a competitive industrial hub.
Minister of State for Industry, John Owan Enoh, announced the framework during an engagement with the Nigerian Guild of Editors, stressing that industrialisation is critical to the country’s economic transformation.
According to him, trade and investment alone cannot deliver lasting prosperity without a strong productive base. The policy aligns with President Bola Tinubu’s “Renewed Hope” agenda, focusing on local content, import substitution, and industrial self-sufficiency.
Enoh revealed that he recently toured inactive factories that once operated successfully to identify operational challenges and develop strategies to restore them under the new framework.
He added that the policy features a structured implementation plan with defined timelines, responsibilities, and measurable outcomes.
Director-General of the Nigerian Institute for Policy and Strategic Studies, Ayo Omotayo, said weak execution had undermined previous industrial policies but noted that the new framework addresses the gap through clearer accountability and delivery mechanisms.
A key component of the policy is the proposed recapitalisation of the Bank of Industry to N3 trillion, alongside plans to raise sector-specific intervention funds to the same level.
The government is also targeting annual industrial development spending of between three and five percent of gross domestic product.
Other measures outlined in the framework include enforcing the “Nigeria First” policy to promote locally made goods, reducing dependence on imported raw materials, expanding access to low-interest financing for small and medium enterprises, harmonising tax systems and incentives, and establishing industrial clusters with shared infrastructure and energy.
Officials said the initiatives are expected to lower production costs, improve competitiveness, and attract fresh investment into the sector.
Special Adviser to the President on Industry, Trade and Investment, John Uwajumogu, said the policy is intended to accelerate industrial growth in line with Nigeria’s expanding population.
He disclosed that an industrial revolution working group will coordinate implementation and ensure alignment among stakeholders. Plans are also underway to expand vocational training and partnerships with technical institutions to address skills shortages in manufacturing.
The government further pledged stronger collaboration with the private sector to attract investment, encourage joint ventures, and promote technology transfer.
Stakeholders, however, identified energy shortages, limited financing, bureaucratic bottlenecks, and weak patronage of local products as major barriers.
Economists warned that the policy’s success will ultimately depend on political will, structured financing, and consistent implementation.
