The Federal Government has said it is advancing plans to revive moribund textile factories and the Ajaokuta Steel Company as part of efforts to strengthen Nigeria’s industrial sector and drive economic growth.
Minister of State for Industry, Senator John Enoh, disclosed this during an interview on Channels Television on Tuesday, saying the Tinubu administration is implementing the National Industrial Policy to boost manufacturing, create jobs, and support Nigeria’s ambition of becoming a $1 trillion economy.
Enoh said the government is reconnecting cotton growers, textile manufacturers, and garment producers through the Cotton, Textile and Garment Industrial Transformation Programme. He added that discussions with investors are at an advanced stage to convert abandoned textile factories into industrial parks, with agreements expected in the coming weeks.
On Ajaokuta Steel Company, the minister said talks with an international consortium were progressing, stressing that steel production remains essential to Nigeria’s industrialisation agenda. He expressed optimism that ongoing engagements would produce positive outcomes.
The minister noted that the National Industrial Policy, launched in February, provides a clear implementation framework aimed at increasing industry’s contribution to Nigeria’s Gross Domestic Product to 25 percent by 2030. He also highlighted efforts to promote local manufacturing, expand access to long-term financing through the Bank of Industry, and reduce manufacturers’ energy costs.
