Nigeria’s Minister of State for Industry, Trade, and Investment, John Owan Enoh, has projected that the nation’s economy must grow by at least 7% to 10% yearly to achieve the government’s $1 trillion GDP target by 2030
Speaking during a pre-West Africa Industrialisation, Manufacturing & Trade Summit & Exhibition 2025 media briefing, the minister maintained that the current growth rate of around 3% yearly remained inadequate to achieve the target and stressed that industrialization was the only path to sustainable growth of the Nigerian economy.
According to him, the government is currently finalising a new industrial policy that will provide a comprehensive framework to revive industries and boost manufacturing, particularly in struggling sectors like textiles that once created mass employment and be validated on September 4 this year.
The Minister quipped: “With our population projected to exceed 400 million in the coming years, what are we going to do with that population if we don’t have industries to absorb them?”
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Enoh maintained that Nigeria cannot continue the tradition of exporting raw materials and expect to meet the $1 trillion economy target, stressing that value addition must be prioritised if the country is serious about scaling growth.
Commenting on the recent six-month ban on Shea butter exports by the government, the minister said the measure reflected government efforts to encourage local processing and manufacturing.
While recalling that the Raw Materials Research and Development Council (RMRDC) has proposed a legislation requiring at least 30% value addition before raw materials are exported, he pointed out that such policy measures remained critical to building a stronger industrial base and reducing Nigeria’s dependence on imports.
Enoh expressed optimism that the nation’s new Industrial Code would guide this process, creating a pathway for reviving industries, addressing skills gaps, and positioning Nigeria for global competitiveness.
Speaking on the West Africa IMT Summit with the theme “Accelerating West Africa’s Sustainable Industrial Revolution for Economic Prosperity”, the minister said the forum would serve as a platform to accelerate Africa’s march towards true industrialization.
He expatiated: “For too long, our progress has been tied to the export of raw materials, but the time has come to unlock the full potential of our industries, scale our MSMEs, and harness our abundant manufacturing resources.
“Industrial growth is not just an economic imperative; it is the foundation for job creation, skills development, and sustainable prosperity.
“This is why the Ministry is not only endorsing West Africa IMT, but fully committed to its success, because the future of our nation and the region depends on how boldly we embrace industrialisation today”, the minister added.
In her remarks, Country Director of Dmg Nigeria events, Wemimo Oyelana, said the summit was organized to create an open space for industry players to proffer practical solutions that will strengthen manufacturing, drive trade, and leverage opportunities from the African Continental Free Trade Area (AfCFTA).
