The Nigerian federal government is currently engaged in negotiations to restore dormant textile plants and the Ajaokuta Steel Company to revitalize the nation’s industrial framework. Senator John Enoh, the Minister of State for Industry, stated that the current administration is utilizing the National Industrial Policy to stimulate manufacturing and foster job creation as part of its plan to achieve a one-trillion-dollar economy.
Regarding the textile sector, Enoh highlighted the Cotton, Textile and Garment Industrial Transformation Programme, which aims to bridge the gap between cotton farmers, textile manufacturers, and garment producers. The government is also in talks with investment partners to transform inactive textile facilities into functional industrial parks, with agreements expected shortly.
The minister emphasized the critical role of steel in industrialization and confirmed that discussions with an international consortium regarding Ajaokuta are moving forward. Enoh underscored that domestic production is essential for economic stability and growth. The government aims to increase the industrial sector’s contribution to the Gross Domestic Product to 25 percent by 2030.
To support this transition, the government is prioritizing value addition to decrease raw material exports and is working to lower energy costs, which currently represent nearly 40 percent of manufacturing expenditures. Furthermore, the Nigeria First Policy is being promoted to increase the demand for locally produced goods.
