The Federal Government has intensified efforts to revive the long-abandoned Ajaokuta Steel Company and moribund textile factories across the country as part of a broader strategy to reposition Nigeria’s industrial sector, create jobs and accelerate economic growth.
Minister of State for Industry, Senator John Enoh, disclosed this during a television interview on Tuesday, saying the Tinubu administration was implementing the National Industrial Policy to strengthen local manufacturing and support the country’s ambition of building a $1tn economy.
According to Enoh, discussions with local and international investors on the resuscitation of Ajaokuta Steel and the revival of the textile industry have reached advanced stages.
He said the Federal Government was engaging investors and development partners to restore the cotton, textile and garment value chain through the Cotton, Textile and Garment Industrial Transformation Programme.
The minister explained that the initiative was designed to reconnect cotton farmers, textile manufacturers and garment producers, describing the disconnect among the three segments as a major setback for the industry over the years.
He added that negotiations were also ongoing with investors interested in converting abandoned textile factories into industrial parks.
“We are engaging development and investment partners, and we are hopeful that the necessary agreements will be concluded within the coming weeks,” he said.
On Ajaokuta Steel, Enoh said talks with an international consortium interested in the steel complex were progressing, expressing optimism that the discussions would produce positive outcomes.
He stressed that no nation could achieve meaningful industrialisation without a functional steel industry.
“There can be no serious industrialisation without steel. We are engaging investors, and I will soon be meeting with an international consortium interested in the project,” he stated.
The minister described industrialisation as the cornerstone of the Federal Government’s economic agenda, insisting that increased production remained critical to sustainable economic growth.
According to him, fiscal and monetary policies alone cannot deliver the administration’s target of a $1tn economy without a strong manufacturing base.
Enoh noted that the National Industrial Policy, unveiled in February, was Nigeria’s first comprehensive industrial policy in decades, adding that it was backed by a clear implementation framework, defined institutional responsibilities and quarterly performance reviews.
He said the government aimed to increase industry’s contribution to the nation’s Gross Domestic Product to about 25 per cent by 2030.
The minister also disclosed that the government was promoting value addition to reduce the export of raw materials while expanding manufacturers’ access to affordable long-term financing through institutions such as the Bank of Industry.
He further said the Nigeria First Policy was being implemented to boost patronage of locally manufactured products.
Enoh acknowledged that high energy costs remained one of the biggest challenges facing manufacturers, noting that electricity accounts for about 40 per cent of production costs in the sector.
He said the government was working on practical measures to make energy more affordable and reliable in order to improve the competitiveness of Nigerian industries and stimulate domestic production.
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