The federal government said it plans to boost the manufacturing sector’s contribution to the GDP to 15 per cent by 2030 and 25 per cent by 2035, from its current 8.2 per cent.
This was revealed in the newly launched Nigeria Industrial Policy (NIP), which was unveiled by the Federal Ministry of Industry, Trade and Investment (FMITI).
The sector employs 13 million Nigerians, mainly in food processing, cement production, textiles, pharmaceuticals, and the automotive industry.
Government stated that the aim of NIP frameworks is “to drive economic growth, reduce dependence on oil exports, and promote sustainable development” and contribute to achieving Nigeria’s aspiration of attaining the $1 trillion economy by 2030.
According to the government, the plan would “accelerate Nigeria’s industrial transformation by leveraging its natural and human capital to promote inclusive, sustainable, and competitive manufacturing, deepen economic diversification, and generate mass employment through innovation, infrastructure development, investment, and export.”
The federal government explained that the policy direction of its NIP is anchored on the development of four sectors, namely metals and solid minerals, oil and gas, construction, and manufacturing.
Over the past decade, the agro-allied industry has contributed an average of 25% (27% as rebased) to Nigeria’s real GDP and currently accounts for 35% of total employment. It serves as a primary source of raw materials for key manufacturing sectors, including food processing, leather goods, and textiles, reinforcing its pivotal role in driving industrial linkages and inclusive economic development.
The report noted, however, that the industry faces challenges such as limited mechanisation and outdated farming techniques, post-harvest losses, and insecurity.
Government assured that relevant legal and institutional frameworks are in place to address key challenges such as inadequate power supply, low access to finance, and competition from cheap imported products, limiting the performance of the sector.
READ ALSO: ANALYSIS: FG Nears Target As DisCos Install 677,942 New Meters In One Year
The Minister of State, FMITI, Senator John Owan Enoh, described the NIP as “a comprehensive framework that reaffirms our national resolve to diversify the economy, create inclusive prosperity, and secure Nigeria’s rightful place as a leading industrial hub in Africa and the wider global economy.”
The government said that each of the four sectors comprises multiple sub-sectors that offer strategic opportunities for industrial development.
It said: “These sectors have been prioritised due to strong comparative advantages, potential to generate large-scale employment, and deepen local value addition and expand export.
“The future outlook for the industry is bright with abundant natural resources, massive investment in the development of Special Economic Zones (SEZs), the growing market size, and participation of Nigeria in AfCFTA and ECOWAS Trade Liberalisation Scheme (ETLS)”, the report added.
