Minister Reviews Industrial Reforms, Weighs in on Slow Manufacturing Growth

The Nigerian Minister of State for Industry, Senator John Owan Enoh, has assessed the Nigerian Industrial Policy (NIP) and its impact on industrial growth. The NIP, launched in February 2026 following a February 2025 Industrial Revolution Work Group (IRWG) initiative, focuses on overcoming financial, energy, infrastructure, regulatory, local patronage, and skills constraints.

During the IRWG's second technical session in Lagos, Enoh highlighted that the NIP has achieved defensible results within its 90-day timeframe. Over $380 million in strategic financing has been mobilized for industrial projects nationwide, with plans for a ₦350 billion MSME development fund and 400 young Nigerians receiving mechatronics training in four states.

Nigerian products are also being certified for continental markets under the African Quality Marks, while quick-win financing tracks have been activated through the Bank of Industry. Meanwhile, the Manufacturers Association of Nigeria (MAN) President, Segun Ajayi-Kadir, called for targeted interventions to address manufacturing's lack of deep growth.

Despite manufacturing's resilience, its performance has not outpaced broader industrial figures. Ajayi-Kadir emphasized the need to differentiate manufacturing growth from overall industrial statistics to reveal potential issues, citing subsectors like cement, oil and gas, and mining as key growth drivers, while food and beverages and electrical manufacturing continue to struggle.

He urged stakeholders to enhance the business environment, lower borrowing costs to single digits, and resolve the power crisis to reverse the current trend in manufacturing growth.