Nigeria’s Minister of State for Industries, Senator John Owan Enoh, has said the Federal Government has an industrial roadmap capable of driving Nigeria towards President Bola Ahmed Tinubu’s $1 trillion economy target by 2030.
Recall that Nigeria’s economy grew by 4.43 per cent year-on-year in the second quarter of 2026, according to the National Bureau of Statistics, as the Federal Government continues efforts to achieve President Bola Ahmed Tinubu’s ambition of growing the economy to $1 trillion by 2030.
Speaking with ARISE NEWS in an interview on Monday, Enoh said the Nigerian Industrial Policy, approved by the Federal Executive Council and launched in February, provides the framework for accelerating industrial growth and strengthening the country’s manufacturing sector.
“Two things: as to whether we have a roadmap or plan, the answer is yes.
“I think we launched the Nigerian Industrial Policy. Prior to that, it was approved by the Federal Executive Council in the last quarter of last year. That would be the first policy for industry in several decades that a Chief Mr. President has committed to, and his commitment was delivered. So, we sure have one.”
On manufacturing performance, Enoh said the sector had recorded two consecutive quarters of acceleration in 2026, with growth rising to 3.24 per cent in the second quarter, compared with 1.60 per cent in the corresponding quarter of 2025. He, however, acknowledged that the figure was still below the level the government wants to achieve.
“Talking about the performance of manufacturing in the report and all of that, I don’t think we are talking about 2025 anymore. We are talking about the figures just released by NBS, the second-quarter figures that put our GDP overall at 4.43%. And what is manufacturing’s performance in those figures?
“For manufacturing, it’s 3.24%. Not yet where we would like to be, but let me say that whereas manufacturing had decelerated from about 2022 to 2023 to the extent that in the 2025 second quarter manufacturing was about 1.60%—and I reference the 2025 second quarter because that’s where we are in the 2026 second quarter—we’ve witnessed a gradual acceleration from the first quarter of 2026 to the second quarter of 2026. The figures are 3.24% in terms of manufacturing’s contribution to overall GDP. Like I said, we’ve witnessed two quarters of successive acceleration.”
Speaking on the challenge of inadequate power supply and how it affects the economy, Enoh acknowledged that electricity constraints continue to undermine industrial growth by increasing production costs, but said the government was addressing the problem through a blended power strategy involving grid electricity, gas and renewable energy.
“Talking about power, electricity, and the constraints: the constraints are still there. Last quarter of last year, I convened the first Ministerial Round Table on Power. We acknowledge and appreciate what power constraints are causing to industry and manufacturing, and we are confronting that.
“In that round table, what came out was about two things: the fact that what we needed was blended power—grid power, gas power, renewables, and all of that. But we also zeroed in on one thing: right next door here where we have the industrial cluster, I’ve visited that cluster, and we are using it as a model, a template. We’re trying to get power there. As I speak with you, sometime next week, we are going to do groundbreaking, working with Wellbeck and all of that. So that is being attended to, that is being responded to, and hopefully, we should be able to get by.”
Addressing skepticism of the $1 trillion economy target, Enoh dismissed concerns over its feasibility, maintaining that Nigeria has all it takes to achieve the ambition through increased production, industrialisation and value addition.
“Again, what’s my response to that? A $1 trillion economy is not an ambition that a country like Nigeria shouldn’t have, because we’ve got all it takes to even do better than that. Second, that is an aspiration, and I think that every effort is being put into that.
“Since I launched that policy, we made a commitment that we’re going to have a 90-day implementation report. We released the first one; as I speak with you, we are getting ready to release the second one. Sometime a few months ago, the Bank of Industry released for the first time its Annual Development Impact Report for 2025. Why is all of this happening? All of this is happening because we are focused and challenged by the $1 trillion economy and the fact that we’re not going to achieve that without production or value addition.”
Highlighting the measures needed to sustain economic growth above 4 per cent, Enoh said the Federal Government must consolidate the gains of ongoing reforms, maintain policy consistency and ensure all sectors maximise their contribution to productivity, investment and economic expansion.
“What we must do is let’s not forget where we came from when President Bola Ahmed Tinubu took office in 2023—what the numbers were, where we were, and where we are today. Reforms have had to take place, and there’s some stability. Using that stability, we now need to consolidate.
“Let’s not reverse the reforms, because we’re not yet where we can say we’re out of the woods. Our eyes must remain focused on the reforms and, altogether, make sure that every sector is up to speed in terms of its contribution toward making sure that we are able to achieve that. We now have a chance; the momentum is there, and we need to remain focused and see how we can run with it.”
On plans to support MSMEs and deepen investment, Enoh highlighted affordable long-term financing, regulatory reforms, skills development and improved access to power as key priorities.
“I referenced the 2025 Development Impact Report by the Bank of Industry. In 2025, about N150 billion was disbursed to—the majority of the beneficiaries were these MSMEs. In 2026, the Bank of Industry, enabled by the government of President Bola Ahmed Tinubu, has been able to raise about N450 billion, and they are on the road to making sure that they raise about N1 trillion. All of this is finance and funding for MSMEs. I referenced the industrial cluster and talked about power and electricity; if you go there, who are those playing there? They are MSMEs and all of that.”
Senator Enoh also said the government was working to strengthen public-private collaboration within the industrial sector, while implementing the five strategic objectives of the Nigerian Industrial Policy across key sectors, including textiles and cotton.
“We are executing a plan, we are focused on that execution, and within industry and manufacturing, for the first time, we have a workable partnership between the public sector and the private sector.
“After our first 90-day report, what we reported essentially was that all five strategic objectives of the NIP have been activated across various sectors. These are the things that are going to be able to make things play. Talking about textile, cotton, and whatever—whose performance in terms of the recent figures by NBS is main dismal—that is also why, for example, a few months ago I visited a cotton farm in Ogun State as part of what we’re trying to do in terms of activating the value chain, connecting the cotton growers to the textile ginneries and to the garment people. So, work is going on.
“Basically, we are excited by the numbers, and what that excitement means for us is that it challenges us more to make sure that we continue on that trajectory of positivity.”
Senator Enoh also called for scrutiny of reports that 7 million to 8 million businesses had folded up in the last three years, saying the figures needed to be confronted, as many businesses had already shut down before 2023.
“We need to confront that report and look at it, because to my knowledge, prior to 2023, a lot of businesses folded up. But since 2023, within industry and manufacturing, there has actually been a gross reduction in terms of those numbers. We need to confront that first.”
Identifying the high cost of power as the biggest obstacle to translating GDP growth into real prosperity, Enoh said industries and manufacturers were spending more to generate electricity, thereby increasing production costs.
He also cited infrastructure and logistics challenges, noting that the government was working with the African Development Bank to structure $368 million for industrial clusters, where essential services would be consolidated and provided.
“I’ve mentioned power and electricity. Whereas it’s not doing—it’s going down, what you find out is that industries are spending more to be able to provide power. Our challenge, therefore, is to ensure that while industry and manufacturers demonstrate that kind of resilience, they are able to achieve that with lower costs. So that is challenging.
“The challenge of infrastructure also remains there—infrastructure and logistics—which is why at the ministry, our first 90-day report included the fact that, working with the African Development Bank, $368 million is being structured. The African Development Bank, working with industry and manufacturing, is providing that in terms of about 70-something industrial clusters where all these services are going to be consolidated and provided.”
On Nigeria’s investment attractiveness, the Chief Industrial Marketer for the nation said the government’s economic reforms, tax incentives and import duty exemptions were creating a more enabling environment for domestic and foreign investors. He also highlighted the country’s participation in the African Continental Free Trade Area (AfCFTA), stressing efforts to improve the competitiveness and quality of Nigerian products for the regional market.
“Why not? Nigeria is becoming attractive to investors. Why not? What is it that’s going to make Nigeria attractive enough for investors and investments to come in? This government, from day one, has continued to do those kinds of things captured by the kinds of reforms that have been very encouraging and enabling to allow those investments to come.
“You talk about incentives and all of that—the tax reforms that have been embarked upon presently offer some form of incentives. Import duty exemptions and all of that are going on.
“We are playing big in terms of the AfCFTA. We’re not doing that to become a dumping ground; we’re being as competitive as we can. Some months back, about 131 companies responsible for about 220 products had the African Quality Mark certified to make sure that our goods and products are standard.”
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