The Nigerian Government says it will channel up to 5 per cent of Nigeria’s Gross Domestic Product (GDP) annually into industrial development financing, as it targets a sharp rise in manufacturing contribution to the economy.
The newly launched Nigeria Industrial Plan, unveiled in Abuja by Nigeria’s Federal Ministry of Industry, Trade and Investment, projected that manufacturing will contribute 15 per cent to GDP by 2030 and 25 per cent by 2035, while mining is expected to rise to eight per cent by 2030 and 10 per cent by 2035.
According to the report by Punch newspaper on Monday, the policy consolidates fiscal, monetary, export, and industrial measures into a single national framework aimed at accelerating large-scale production, export competitiveness, and job creation.
It added that the key pillar of the plan is aggressive financing and according to the government, it would recapitalise the Bank of Industry to N3tn by 2026 and expand sector-specific intervention funds, largely domiciled with the Central Bank of Nigeria, to increase long-term capital to priority sectors.
However, it noted that the framework did not spell out detailed funding sources and structure.
According to the report, the government identified four sectors for immediate focus: metals and solid minerals, oil and gas, construction, and manufacturing and the Minister of State for Industry, John Enoh, described the policy as a decisive shift in national priorities.
“The framework introduced a consolidated incentive structure aligned with the Nigeria Tax Act 2025. It replaces the Pioneer Status Incentive with an Economic Development Incentive that ties tax relief to measurable outcomes such as investment levels, production capacity, and employment generation in priority sectors.
“The policy also introduced an Interest Drawback Scheme for Micro, Small, and Medium Enterprises. Instead of upfront subsidised rates, eligible firms will pay commercial interest rates and receive partial refunds after meeting agreed milestones, including job creation and export growth,” the report added.
GIK/APA