The Federal Government has reaffirmed its commitment to driving industrial transformation for a prosperous Nigeria, with policies focused on accelerating industrialisation, boosting manufacturing, and leveraging digital technology.
Minister of State for Industry, Sen. John Enoh said this while speaking on the Federal Government’s economic agenda, at the Renewed Hope Global Virtual Townhall Conference 2025.
Enoh emphasised the Renewed Hope Administration’s eight-point agenda, particularly the seventh pillar, which prioritised industrial growth through a digital economy, manufacturing, and innovative technology.
According to the minister, the administration has established targeted funding mechanisms to support key industries, such as the N50 billion in grants for small-scale entrepreneurs.
He said that there was N75 billion for Micro, Small, and Medium Enterprises (MSMEs), which accounted for nearly 40 million businesses in Nigeria.
“There is another N75 billion for manufacturing to boost local production.
“These funds, administered by the Bank of Industry (BOI), aim to foster growth in spite of economic challenges such as high interest rates and production costs,” he said.
The minister also highlighted existing policies designed to stimulate industrial development.
” These include the Backward Integration Programme (BIP) to enhance local capacity in sectors like sugar production and the National Automotive Design and Development Council (NADDC) Policy, aimed at local vehicle assembly.
“There is also the Cotton, Textile, and Garment (CTG) Policy, targeting textile industry revival among others,” he said.
In spite of these policies, Enoh said that past challenges had hindered effective implementation.
He said the Preaident Bola Tinubu’s administration was committed to actualising these policies, ensuring that Nigeria remained globally competitive in industry, technology, and innovation.
“We can not continue to rely on exporting raw materials. We must invest in processing and manufacturing to create jobs, boost value addition, and attract foreign direct investments,” he said.
The minister assured Nigerians that the administration was working diligently to ensure that economic policies translated into measurable progress, positioning the country for sustained industrial growth and economic transformation.