The federal government has unveiled a new industrial roadmap projecting an increase in the sector’s share of Nigeria’s GDP from the current 10% to 25% by 2035.
Minister of State for Industry, Senator John Owan, announced the plan at the Gastech Exhibition and Conference in Milan, describing it as a major milestone of President Bola Tinubu’s administration.
He said the framework marks Nigeria’s shift from a resource-dependent economy toward a competitive, innovation-driven industrial hub. “This is the first time in decades that Nigeria has adopted a comprehensive industrial framework,” Owan noted, adding that the move is expected to reshape the country’s growth trajectory.
The minister linked the policy to Tinubu’s early reforms, including fuel subsidy removal and exchange rate unification, which he said created stability and a foundation for investment. “With reforms in motion and new frameworks validated, the next decade will be defined by industrial expansion, energy optimisation, and global partnerships,” he stated.
Owan also confirmed that the government has validated the Nigeria Industrial Policy (NIP), aimed at promoting inclusive growth, job creation, and competitiveness. He described it as a blueprint to transform the industrial sector into the engine of sustainable growth and national pride.
According to him, the NIP underwent broad consultations with the Manufacturers Association of Nigeria (MAN), Organised Private Sector of Nigeria (OPSN), Nigeria Economic Summit Group (NESG), academia, labour unions, development partners, and MSMEs.
He stressed that execution would determine the policy’s success, warning that “policies, however brilliant, do not transform nations without measurable implementation.”
The announcement comes as the National Bureau of Statistics (NBS) reported a 3.46% GDP growth for Nigeria in the third quarter of 2024.
