Rebooting the Nigerian Industrial Sector
The Federal Ministry of Industry, Trade and Investment is set to reboot the Nigerian industrial sector and reset the country’s bid to diversify its economy, writes Dike Onwuamaeze
The Federal Ministry of Industry, Trade and Investment is poised to transform Nigeria’s economy through strategic initiatives that are aimed at promoting industrialisation, improving trade facilitation and attracting both local and foreign investments. These are in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu’s administration. It also accords with the mandate of the FMITI, which include creating conducive environment that fosters business growth, job creation and wealth generation across all sectors of the Nigeria’s economy.
In its bid to transform the country’s economy, the ministry released its 2025 outlook titled, “Accelerating Diversification to Rebuild Prosperity by Leveraging Industry, Trade and Investment.” The outlook has six priority areas the ministry would focus on in 2025and beyond. The prioritised areas are the Nigerian Automotive Industry Development Plan (NAIDP), Special Agro-Processing Zones (SAPZ), Cotton, Textile, and Garments (CTG), as well as the Petrochemical, Chemical and Pharmaceutical Manufacturing Industry. Others are carrying out Micro, Small and Medium Enterprise (MSMEs) Census and setting up of the Industrial Revolution Work Group (IRWG).
Unlock automotive sector
The goal, according to the FMITI’s 2025 Outlook, is to unlock the full potential of the automotive sector by accelerating local manufacturing and fostering world-class supply chains; expand value addition in agriculture to position Nigeria as a global powerhouse in agro-industrial production; revitalising the Nigerian CTG ecosystem to enhance domestic production, drive exports, and create millions of jobs and advance Nigeria’s industrial self-sufficiency through strategic investments in pharmaceuticals, medical devices, and petrochemical industries.
According to the outlook, the ministry of trade would be “conducting a nationwide census to establish a precise, data-driven roadmap for empowering MSMEs.” It would also foster a high-level task force that would be focused on implementing these industrial reforms and reengineering the Nigeria Industrial Revolution Plan (NIRP) with the aim of creating “a modernised blueprint for sustainable industrialisation.”
In addition, the ministry also gave itself the objective of creating and maintaining an enabling environment and regulation for development and the expansion of trade and investment through increased domestic and Foreign Direct Investments (FDIs), trade revenue growth and export-led job creation.
It said: “In 2025, to accelerate diversification and rebuild prosperity, FMITI will deliver a more enabled environment through good regulation and development policies and the expansion of trade and investment across three broad areas.”
These areas include economic diversification through accelerated industrialisation, digitisation, creative arts, manufacturing and innovation.
Attain economic diversification
To attain economic diversification, the FMITI said that it would be strengthening the implementation of Ease of Doing Business in Nigeria, rehabilitate and establish public and private export processing zones, define and communicate customer care standards, prioritise the Intellectual Property Protection Act and ensure compliance of international food safety standards of all exportable food products.
The ministry also intends to reposition Nigeria Commodity Exchange and other exchanges, promote tech and AI for trade and investment, as well as enabling and driving services-led economy.
Secondly, the ministry said it would be focusing on attaining a robust trade revenue growth by boosting export and foreign exchange earning ventures.
It intends to accomplish these by revising the country’s trade and investment strategy, laws, regulations and trade policy for export-led and retention-focused economy. It would also champion regional trade and investment under AfCFTA as well as championing and implementing digital trade protocol for Africa under AfCTA.
In addition, the ministry would promote “regulator synergy for improved access to markets,” support and champion Free Trade Zones (FTZs), drive WTO Trade Facilitation Agreement reforms, enter into preferential trade agreements with key countries and support export compliance and standardisation. It would also “optimise and streamline export procedures and documentation across key agencies.”
The third area of focus is investment mobilization in a manner that increases investment retention and attraction. The strategy is to retain domestic investors in the class of Platinum Business Champions (PBCs) and Export Business Champions (EBCs); deepen capital markets, modernise regulatory regime for Responsible, Inclusive, Balanced and Sustainable (RIBS) investments.
In addition, the ministry would develop an investment portal to capture investment flows holistically and facilitate establishment of sub- national one stop investment centers. It would also drive execution and track delivery of investment priority projects.
Inflection point
Speaking on the road ahead, the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, said that this year is poised to be an inflection point in the administration of President Tinubu.
Oduwole said: “As we begin the year, we are committed to delivering measurable impact with renewed energy and determination. FMITI remains steadfast in its resolve to lead the charge in rebuilding prosperity for all.”
She recalled that about 10 weeks ago, the FMITI commenced a new chapter in driving Nigeria’s economic diversification by implementing targeted policies and reforms to accelerate industrialisation, digitisation, creative arts, manufacturing, and innovation.
She said that quick wins are already being accomplished by ensuring coordination and synergy with the administration’s fiscal and monetary policies, in collaboration with the Federal Ministry of Finance and the Central Bank of Nigeria, to strengthen trade policy implementation and avoid unintended consequences in the economy.
She said: “As a ministry, we prioritise creating a dynamic, resilient, and sustainable economy by positioning the private sector for productivity and competitiveness and enabling businesses to take full advantage of the vast opportunities available in domestic, regional, and global markets.
“In tandem with the President’s 8-point agenda, our goal is to facilitate the creation of wealth, productive jobs, and shared prosperity for all Nigerians.
“We have repositioned ourselves to deliver empirically verifiable policies and reforms based on transparently laid down, which improved FMITI’s Performance significantly in the last quarter of 2024.
“To our private sector stakeholders, impact means businesses operating in Nigeria would find it progressively easier to start and grow their businesses and their return on Investments for their owners.
“We are building an economy that attracts abundant investment from across the world, fosters industrial transformation, and facilitates trade in exports to generate productive jobs forNigerians across the country.”
Defining moment
Speaking in the same vein, the Minister of State for Industry Federal Ministry of Industry, Trade and Investment, Senator John Owan Enoh, said that Nigeria stands at a defining moment in its industrial journey. According to him, the promise of a robust, self-sustaining economy is within our grasp, powered by the twin engines of industrialisation and skills development.
“My commitment as Honourable Minister of State for Industry is to steer Nigeria’s industrial landscape toward global competitiveness, innovation, and sustainable growth. The future belongs to those who dare to reimagine, realign, and revitalise, and this is precisely our mission,” he said.
He added that delivering on these priorities would require a bold approach that would create and enable industrial cities, parks, and MSME clusters; and ensure access to cutting-edge industrial machinery and infrastructure; guarantees stable power and energy solutions through structured financing and management models.
“We will also drive the revitalisation of existing industries, ensuring they remain vibrant players in an increasingly competitive world.
“To make these goals a reality, we will engage extensively with key stakeholders across sectors, fostering strategic partnerships, collaboration, and rigorous monitoring and evaluation of industrial projects.
“The journey ahead demands unity of purpose, and I am confident that together, we will set Nigeria on an irreversible path to industrial greatness.
“Let’s build a future where industry thrives, innovation flourishes, and Nigeria takes its rightful place in the global economy.”
Driving economic transformation
The Permanent Secretary of the FMITI, Ambassador Nura Abba Rimi, said that the ministry would remain committed to driving Nigeria’s economic transformation.
Rimi said: “Our dedication to sustainable economic growth is crucial as we implement initiatives that promote industrialisation, enhance trade facilitation, and attract investments.
“In line with our mandate which is being implemented by qualified and seasoned professional staff of the Ministry, we are focused on facilitating international trade relations that allow Nigerian products to access global markets.
“This not only enhances our export potential but also strengthens our economy by integrating it into global supply chains. As we work to create a favourable investment climate, our policies will continue to promote domestic and foreign direct investments across various sectors.
“Additionally, we understand that a strong industrial sector is essential for reducing unemployment, alleviating poverty, and ensuring a diversified economy that is less dependent on oil. By fostering an environment where businesses can thrive, we are committed to supporting the growth of small, medium, and large enterprises.
“Our emphasis on capacity building will empower local industries to improve their competitiveness in both domestic and international markets.
“Together, we will work towards a prosperous future where every citizen can benefit from the fruits of our collective effort. This is in line with the Ministry’s commitment towards economic development through industrialisation, trade, and investment activities.”
