FG, manufacturers raise $380m for industrial devt

The Federal Government and the Manufacturers Association of Nigeria have collaborated to raise $380 million under the Industrial Revolution Work Group to advance Nigeria's industrial agenda. The partnership focuses on executing Nigeria's industrial policy through a government-industry approach. The IRWG, co-chaired by Senator John Enoh and Francis Meshioye, proposed a N350 billion Micro, Small and Medium Enterprises Development Fund, mechatronics training for 400 young Nigerians, and certification of 131 companies and 220 products for the African Continental Free Trade Area.

Minister Enoh noted that Nigeria has now established a comprehensive, structured industrial policy for the first time in decades, and the government has completed its first 90-day implementation report. He highlighted five thematic areas of industrial constraints: power, energy, affordable long-term finance, skills, and bureaucratic bottlenecks.

Enoh revealed that the government will break ground next week on an initiative to provide power to an industrial cluster in Madalla, Niger State, with support from Welbeck Electricity, which aims to achieve power supply by December.

Meanwhile, the Manufacturers Association of Nigeria's Director-General, Segun Ajayi-Kadir, emphasized the need for deeper resolve and re-examination of unaddressed issues in the implementation process. He called for the recapitalization of the Bank of Industry, removal of regulated tariff-running, and support from regulatory agencies for businesses rather than serving as revenue-generating platforms.

The IRWG's session produced a 30/60/90-Day Implementation Matrix covering five pillars, and a Ministerial Roundtable on affordable long-term finance is scheduled for the following day to develop a National Industrial Compact.