The federal government has reaffirmed its commitment to addressing industrial challenges, ensuring access to funding, and creating a favourable business environment for manufacturers and small businesses.
Minister of State for Industry, Trade, and Investment, Senator John Enoh, made this statement during the inauguration of the Industrial Revolution Work Group in Abuja on Thursday.
Mr Enoh highlighted ongoing fiscal and monetary policy efforts under President Bola Tinubu’s administration to sustain industrial growth.
He mentioned that the government had allocated significant funds to key sectors, including $75 billion for small and medium enterprises (SMEs) and another $75 billion for the manufacturing sector.
Additionally, before the passage of the 2025 budget, Mr Tinubu approved an increase in aggregate expenditure, providing N500 billion for the Bank of Industry (BOI) and N500 billion for the Bank of Agriculture.
He noted that the measures were deliberate efforts to support industry and agro-allied businesses, ensuring their survival amid economic challenges.
On monetary policies, Mr Enoh acknowledged the challenges posed by high interest rates, affirming the government’s commitment to sustaining single-digit interest rates through BOI-backed interventions.
Mr Enoh also addressed concerns regarding businesses leaving Nigeria due to regulatory and infrastructure challenges, reassuring stakeholders that many industries still view Nigeria as a key market.
He noted that the newly inaugurated Industrial Revolution Work Group, which includes representatives from key government agencies, would focus on addressing regulatory bottlenecks, power supply issues, and customs procedures.
The minister stressed that the government was focused not just on formulating policies but on their effective implementation to restore investor confidence, with the first meeting of the work group to take place shortly.
He emphasised the importance of quick wins and measurable results, acknowledging that Nigerians were tired of endless discussions without tangible outcomes.
The Director-General of the Manufacturers Association of Nigeria, Segun Ajayi-Kadir, expressed the private sector’s commitment to collaborating with the government to revive more than 700 shut-down industries in the country.
He stressed the need for stronger collaboration between government agencies and the private sector, particularly in addressing constraints that have hindered industrial growth for decades.
Mr Ajayi-Kadir also called attention to the unsustainable impact of rising interest rates on manufacturers, noting that the current rate of more than 30 per cent was detrimental to industrial growth.
He also commended the decision to freeze a proposed 15 per cent increase in port charges, which would have negatively impacted manufacturers and importers of raw materials.
Director-General of the Nigerian Association of Small-Scale Industrialists (NASSI), Chris Oputa, emphasised the need to prioritise local production to transform Nigeria’s industrial base.
He warned that failure to build adequate local production capacity could lead to economic losses, especially with Nigeria’s participation in the African Continental Free Trade Area (AfCFTA).
(NAN)
