Nigeria Targets 25% Industrial Growth By 2035 — Minister
THE Federal Government of Nigeria has unveiled an ambitious plan to boost the country’s industrial sector. The goal is to increase the industry’s contribution to the Gross Domestic Product (GDP) from the current 10 percent to 25 percent by 2035.
Minister of State for Industry, Senator John Owan, announced this during a panel session at the Gastech Exhibition and Conference held in Milan, Italy. The session was themed “Powering Growth and Prosperity in High Potential Economies Through Widened Access to Affordable, Reliable, and Flexible Energy.”
New Industrial Framework for Sustainable Growth
Owan described the new industrial policy as a major milestone in President Bola Tinubu’s economic reforms. He said it is the most comprehensive framework Nigeria has adopted in decades.
“For the first time in decades, Nigeria has a strategic industrial framework. We are determined to grow our economy,” Owan said.
He explained that the initiative seeks to transform Nigeria from a resource-based economy into a productive, competitive, and innovation-driven nation.
Moreover, the framework supports the government’s plan to expand the use of Compressed Natural Gas (CNG) to power industries and stimulate sustainable growth.
“Nigeria’s large population and vibrant youth base position the country as a key player in Africa’s industrial future. Nigeria is ready — Africa is the new frontier,” he added.
Economic Reforms Attracting Investors
Owan praised President Tinubu’s bold reforms, including the removal of petrol subsidy and the harmonization of exchange rates. According to him, these steps have stabilized the economy and improved business access to foreign exchange.
He stressed that Nigeria is now more attractive for global investment than ever before.
“There is no better time in our history than now. Nigeria is open and ready for business. The global community should engage with Nigeria and Africa due to our readiness for transformation,” he said.
The minister also noted that Nigeria is more of a gas-based economy than an oil-based one. He called for strategic use of natural resources to achieve long-term energy and industrial goals.
However, he acknowledged that infrastructure deficits have contributed to gas flaring, urging international partners to collaborate with Nigeria in achieving energy sufficiency.
NNPC Highlights Gas as Key Driver of Industrialization
At the same event, Mr. Olalekan Ogunleye, Executive Vice President, Gas, Power, and New Energy at NNPC Limited, emphasized that gas remains central to Nigeria’s industrial strategy.
“Nigeria has over 210.5 trillion cubic feet of gas. We must optimize its development,” Ogunleye said.
He revealed that NNPC is revising its Gas Master Plan to position Nigeria as a global energy supplier. The company’s Train 7 LNG expansion project will increase gas output by 30 percent, while Train 8 and Train 9 are in the planning phase.
Ogunleye also highlighted the African Atlantic Gas Pipeline Project, a collaboration with Morocco, which aims to connect 16 African economies and strengthen regional energy security.
Domestically, he said NNPC is backing gas-based industries to create jobs and attract investors.
“Companies like Petrol Brass are returning as fiscal incentives improve competitiveness. This is the best time to invest in Nigeria because the opportunities are vast and the environment is ready,” he concluded.
Gastech 2024: A Platform for Global Energy Collaboration
The Gastech Exhibition and Conference is one of the world’s largest energy events, attracting global leaders, investors, and innovators. It provides a platform to discuss sustainable solutions, industrial development, and strategic partnerships for a cleaner and more prosperous energy future.
