Nigeria’s Federal Government has unveiled a bold plan to boost industrial contribution to the nation’s economy, projecting a rise from the current 10 percent of Gross Domestic Product (GDP) to 25 percent by 2035.
Minister of State for Industry, Senator John Owan, disclosed this during a panel session at the Gastech Exhibition and Conference in Milan, Italy. The theme of the session was “Powering Growth and Prosperity in High Potential Economies Through Widened Access to Affordable, Reliable and Flexible Energy.”
Owan described the strategy as a major breakthrough under President Bola Ahmed Tinubu’s administration, noting that it represents the first time in decades that Nigeria has adopted a comprehensive industrial framework.
“For the first time in decades, Nigeria has a strategic industrial framework. We are determined to grow our economy,” the minister said.
He explained that the roadmap signals Nigeria’s transition from a resource-dependent nation to a competitive and innovative economy. Owan also emphasized President Tinubu’s consistent advocacy for Compressed Natural Gas (CNG) as a sustainable energy solution to drive industries.
Highlighting the importance of Nigeria’s youthful population, he added: “Nigeria is ready. Africa is the new frontier, and we are reforming to meet global expectations.”
Owan praised Tinubu’s reform initiatives, including the removal of fuel subsidies and harmonisation of exchange rates, which he said had stabilised the economy and improved access to foreign exchange for businesses.
According to him, Nigeria is also being promoted globally as an investment destination. “There is no better time in our history than now. Nigeria is open and ready for business,” he remarked.
Olalekan Ogunleye, Executive Vice President of Gas, Power and New Energy at Nigerian National Petroleum Company Limited (NNPCL), supported the minister’s vision, stating that natural gas remains central to Nigeria’s economic growth.
“Nigeria has over 210.5 trillion cubic feet of gas. We must optimise its development,” Ogunleye said, adding that ongoing projects like the Train 7 Liquefied Natural Gas (LNG) expansion would boost production by 30 percent.
He also pointed to the African Atlantic Gas Pipeline project in partnership with Morocco, which aims to connect 16 African economies and strengthen Nigeria’s role as a global gas supplier.
okay.ng reports that the conference brought together global leaders and investors to discuss sustainable energy and long-term industrial partnerships.
