Nigeria’s Minister of State for Industry, Trade, and Investment, John Owan Enoh, says the country must grow its economy by at least 7% to 10% annually if it hopes to achieve President Bola Tinubu’s $1 trillion GDP target.
He warned that the current growth rate of around 3% is inadequate and stressed that industrialisation is the only path to sustainable prosperity.
Speaking at a press briefing ahead of the West Africa Industrialisation, Manufacturing & Trade Summit & Exhibition 2025, Enoh said the government is finalising a new industrial policy that will be validated on September 4.
The policy, he explained, will provide a comprehensive framework to revive industries and boost manufacturing, particularly in struggling sectors like textiles that once created mass employment.
Industrialisation at the centre of growth
While noting that there is no country regarded as a first-world nation that is not industrialised, the Minister queried:
“With our population projected to exceed 400 million in the coming years, what are we going to do with that population if we don’t have industries to absorb them?”
- He added that Nigeria cannot continue the tradition of exporting raw materials, noting that value addition must be prioritised if the country is serious about scaling growth.
- A recent temporary ban on shea butter exports, he said, reflects government efforts to encourage local processing and manufacturing.
- According to him, the Raw Materials Research and Development Council has proposed legislation requiring at least 30% value addition before raw materials are exported.
- Enoh said such measures are critical to building a stronger industrial base and reducing Nigeria’s dependence on imports.
“The new industrial code of the country will guide this process, creating a pathway for reviving industries, addressing skills gaps, and positioning Nigeria for global competitiveness,” he noted.
Summit as catalyst for action
Speaking on the West Africa IMT Summit, themed “Accelerating West Africa’s Sustainable Industrial Revolution for Economic Prosperity,” Enoh said the gathering will serve as a platform to accelerate Africa’s march towards true industrialisation.
“For too long, our progress has been tied to the export of raw materials, but the time has come to unlock the full potential of our industries, scale our MSMEs, and harness our abundant manufacturing resources.
“Industrial growth is not just an economic imperative; it is the foundation for job creation, skills development, and sustainable prosperity.
“This is why the Ministry is not only endorsing West Africa IMT, but fully committed to its success, because the future of our nation and the region depends on how boldly we embrace industrialisation today,” he said.
Also speaking, Wemimo Oyelana, Country Director of dmg Nigeria events, said the summit aims to create an open space for industry players to develop practical solutions that strengthen manufacturing, drive trade, and leverage opportunities from the African Continental Free Trade Area (AfCFTA).
What you should know
As part of efforts to revitalize the industry, President Bola Tinubu approved a 6-month temporary ban on the export of raw shea nut to curb informal trade, boost local processing, protect and grow the local shea industry.
- The ban, which took effect immediately is subject to review on expiration and specifically aimed at boosting Nigeria’s shea value chain to generate around $300 million annually in the short term.
- Vice President Kashim Shettima who announced the president’s directive during a multi-stakeholder meeting at the Presidential Villa, called on the Federal Ministry of Finance and other relevant government agencies to fast-track enforcement.
