FG rolls out industrial policy, plans N3trn BOI recapitalisation
The Federal Government has launched a new industrial policy aimed at reviving dormant factories, strengthening local manufacturing, and repositioning Nigeria as a competitive industrial hub.
Minister of State for Industry, John Owan Enoh, unveiled the framework during an engagement with members of the Nigerian Guild of Editors, stressing that sustainable economic transformation depends on productive industries capable of competing globally. He said the policy aligns with President Bola Tinubu’s ‘Renewed Hope’ agenda, with emphasis on local content, import substitution and industrial self-sufficiency.
Enoh disclosed that he recently visited several inactive factories to assess their operational challenges and explore pathways for revival under the new framework.
Director-general of the Nigerian Institute for Policy and Strategic Studies, Ayo Omotayo, said earlier industrial policies failed largely due to weak execution, noting that the new framework provides a detailed implementation matrix with clear objectives, timelines and measurable outcomes.
Key provisions include enforcing a ‘Nigeria First’ policy to boost patronage of locally made goods, reducing reliance on imported raw materials, and promoting value addition across priority sectors.
The framework proposes annual industrial development spending of between 3 and 5 per cent of gross domestic product (GDP), recapitalisation of the Bank of Industry to N3 trillion, and expansion of sector-specific intervention funds to the same level.
It also outlines measures such as harmonising tax systems and incentives, improving access to long-term, low-interest financing for micro, small and medium enterprises, and establishing industrial clusters with shared infrastructure and energy facilities to reduce production costs and enhance competitiveness.
Officials say the policy will be implemented in collaboration with the private sector, with a focus on skills development, attracting foreign direct investment, encouraging joint ventures and promoting technology transfer to drive sustainable industrial growth.
