Nigeria Aims for 25% Industrial Growth by 2035 Under New Strategic Plan

Nigeria has set an ambitious target to increase its industrial contribution to the economy from 10% to 25% by 2035, according to a newly validated strategic framework unveiled by the Federal Government. Minister of State for Industry, Senator John Owan, announced this goal during a panel session at the Gastech Exhibition and Conference in Milan, Italy.

The industrial policy marks a significant shift in Nigeria’s economic strategy, moving from a resource-based economy to one focused on production, innovation, and competitiveness. Senator Owan described the framework as one of the most profound achievements of President Bola Tinubu’s administration, emphasizing its role in driving sustainable economic growth.

Key elements of the strategy include leveraging natural gas as a primary energy source for industries, addressing infrastructure gaps, and fostering international partnerships to enhance energy sufficiency. Nigeria’s abundant gas reserves, estimated at over 210.5 trillion cubic feet, are central to this plan.

The government is also prioritizing technology adoption, equipment financing, and power integration to support manufacturing sector innovation. This includes initiatives to provide small and medium-sized enterprises with access to affordable, smart machinery and world-class solutions.

President Tinubu’s broader economic reforms, such as the removal of petrol subsidies and the unification of exchange rates, have laid the groundwork for this industrial expansion. These measures have helped stabilize the economy and improve access to foreign exchange for businesses.

The National Industrial Policy is Nigeria’s first comprehensive framework aimed at accelerating industrial growth. It focuses on sectors with high potential for impact, such as textiles, agro-processing, and pharmaceuticals, and emphasizes the need for a supportive regulatory environment to boost ease of doing business.

Despite challenges such as energy shortages and infrastructure deficits, the government remains optimistic about achieving its goals. Ongoing projects, such as the expansion of LNG production and the development of the African Atlantic Gas Pipeline, are expected to enhance Nigeria’s role as a global energy supplier and industrial hub.