Nigeria has reaffirmed its dedication to fostering industrial transformation as part of its broader economic agenda, focusing on policies aimed at accelerating industrialisation, enhancing manufacturing, and harnessing digital technology.
This commitment was emphasised by the Minister of State for Industry, Senator John Enoh, during the Renewed Hope Global Virtual Townhall Conference 2025.
The conference, themed “Driving Industrial Transformation for a Prosperous Nigeria under the Renewed Hope Administration,” served as a platform for discussing the government’s strategic initiatives.
Enoh detailed the administration’s eight-point agenda, particularly highlighting the seventh pillar, which prioritises industrial growth through a robust digital economy and innovative manufacturing technologies.
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The minister highlighted the targeted funding mechanisms established to support key industries, including a ₦50 billion grant for small-scale entrepreneurs and a ₦75 billion fund dedicated to Micro, Small, and Medium Enterprises (MSMEs), which collectively account for nearly 40 million businesses in Nigeria.
Additionally, another ₦75 billion has been allocated to the manufacturing sector to boost local production, with funds administered through the Bank of Industry (BOI) to mitigate economic challenges such as high interest rates and production costs.
The minister also outlined existing policies designed to stimulate industrial development, including the Backward Integration Programme (BIP) to strengthen local production in key sectors like sugar, the National Automotive Design and Development Council (NADDC) Policy aimed at promoting local vehicle assembly, and the Cotton, Textile, and Garment (CTG) Policy, which seeks to revive the textile industry.
While acknowledging past challenges in implementing industrial policies, Enoh reaffirmed President Bola Tinubu’s commitment to ensuring Nigeria remains globally competitive in industry, technology, and innovation.
“We cannot continue to rely on exporting raw materials. We must invest in processing and manufacturing to create jobs, boost value addition, and attract foreign direct investment,” he stated.
Enoh reassured Nigerians that the administration is diligently working to translate economic policies into tangible progress, setting the stage for sustained industrial growth and economic transformation in the years to come.
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