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Minister of State for Industry, Trade, and Investment, John Owan Enoh, has said the country must achieve annual economic growth of between 7% and 10% if it is to meet President Bola Tinubu’s $1 trillion GDP target.
Enoh, who spoke at a press briefing ahead of the West Africa Industrialisation, Manufacturing & Trade Summit & Exhibition 2025, warned that the current growth rate of about 3% falls far short of what is required. He stressed that industrialisation remains the only path to sustainable prosperity. “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 asked.
The Minister disclosed that the government is finalising a new industrial policy to be validated on September 4, 2025, describing it as a comprehensive framework to revive industries, boost manufacturing, and restore struggling sectors like textiles, which once provided mass employment.
Enoh noted that no country has attained first-world status without industrialisation, warning that Nigeria must break away from its over-reliance on exporting raw materials.
He cited the government’s recent temporary suspension of shea butter exports as a deliberate move to encourage local processing and value addition. He further revealed that the Raw Materials Research and Development Council (RMRDC) has proposed legislation mandating at least 30% value addition before raw materials are exported.
“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 said.
Speaking on the forthcoming West Africa IMT Summit, themed “Accelerating West Africa’s Sustainable Industrial Revolution for Economic Prosperity,” Enoh said the event would serve as a catalyst to deepen Africa’s drive towards 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.”
Also speaking, Wemimo Oyelana, Country Director of dmg Nigeria events, said the summit is designed to create an open platform where stakeholders can craft practical solutions to strengthen manufacturing, drive regional trade, and tap into opportunities from the African Continental Free Trade Area (AfCFTA).
