The Federal Government has pledged to channel up to five per cent of Nigeria’s Gross Domestic Product annually into industrial development financing, marking one of the most ambitious manufacturing drives in recent years. The commitment, unveiled under the Nigeria Industrial Plan in Abuja, signals a renewed push to reposition the country’s manufacturing sector as a key engine of economic growth and job creation.
Under the new framework introduced by the Federal Ministry of Industry, Trade and Investment, manufacturing is projected to contribute 15 per cent to GDP by 2030 and 25 per cent by 2035. Mining is also expected to grow, reaching eight per cent by 2030 and 10 per cent by 2035. The policy consolidates fiscal, monetary, export, and industrial strategies into a unified national blueprint aimed at boosting large-scale production and strengthening Nigeria’s export competitiveness.
A major pillar of the plan is aggressive financing. The government intends to recapitalise the Bank of Industry to N3 trillion by 2026 while expanding intervention funds managed by the Central Bank of Nigeria to provide long-term capital to priority sectors. However, the framework did not fully detail the funding structure, leaving analysts awaiting clarity on implementation mechanisms.
Minister of State for Industry, John Enoh described the policy as a decisive shift in national priorities. The plan introduces a new Economic Development Incentive, replacing the Pioneer Status Incentive, and ties tax relief directly to measurable outcomes such as investment levels, production capacity, and job creation. It also launches an Interest Drawback Scheme for Micro, Small, and Medium Enterprises, allowing businesses to receive partial interest refunds after meeting performance milestones.
Speaking at the launch, Vice President Kashim Shettima emphasised that coordination across energy, infrastructure, finance, skills, and innovation would determine the plan’s success. The framework highlights automation, robotics, and digital manufacturing, with a target of achieving 25 per cent renewable energy use in the industrial sector by 2030. Backed by a five-year implementation roadmap aligned with the African Continental Free Trade Area, the initiative aims to position Nigeria as a regional manufacturing hub, reduce import dependence, and create sustainable opportunities for millions of Nigerians.
source: punch