Abuja, Nigeria – The Federal Government has announced plans to allocate up to 5 percent of Nigeria’s Gross Domestic Product to industrial financing, leveraging public-private partnerships to drive large-scale production, export competitiveness, and job creation.
Okay News reports that the commitment is contained in the Nigeria Industrial Policy 2025 released by the Federal Ministry of Industry, Trade and Investment. The document emphasised that adequate funding is critical to the success of any industrial policy, noting that the framework strengthens development finance mechanisms through recapitalisation of the Bank of Industry. The government plans to recapitalise the bank to N3 trillion by 2026 and expand sector-focused intervention funds to channel long-term capital into priority industries.
The policy consolidates fiscal, monetary, export, and industrial measures into a unified national strategy aimed at accelerating industrial transformation and driving mass employment. It introduces a structured implementation plan with defined timelines, clear institutional responsibilities, and measurable performance targets. Key provisions include enforcing a ‘Nigeria First’ policy to prioritise locally manufactured goods, reducing dependence on imported raw materials, and promoting value addition across critical sectors.
President Bola Tinubu formally unveiled the policy last week, directing ministries and agencies to ensure swift implementation. The framework aims to revive dormant factories, strengthen domestic manufacturing, and position Nigeria as a competitive industrial hub. It targets increasing manufacturing’s contribution to GDP to between 20 and 25 percent by 2030. By setting aside up to 5 percent of GDP for industrial financing and leveraging public-private partnerships, the government demonstrates its commitment to matching ambition with resources. Sustained industrial financing through development banks and intervention funds will be critical to achieving the policy’s objectives.
