Nigeria’s 3% GDP Inadequate To Achieve $1tn Economy—Minister
The Minister of State for Industry, Trade, and Investment, John Enoh, has said the country must grow its economy by at least seven per cent to ten per cent annually if it hopes to achieve President Bola Tinubu’s $1tn GDP target.
He warned that the current growth rate of around three per cent is inadequate and stressed that industrialisation remains the only path to sustainable prosperity.
Speaking at a press briefing ahead of the West Africa Industrialisation, Manufacturing & Trade Summit & Exhibition 2025, Enoh said the government is finalising a new industrial policy that will be validated on September 4.
The policy, he explained, will provide a comprehensive framework to revive industries and boost manufacturing, particularly in struggling sectors like textiles that once created mass employment.
While noting that no country regarded as a first-world nation is non-industrialised, the minister said, “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?”
He added that Nigeria cannot continue the tradition of exporting raw materials, noting that value addition must be prioritised if the country is serious about scaling growth.
A recent temporary ban on shea butter exports, he said, reflects government efforts to encourage local processing and manufacturing.
According to him, the Raw Materials Research and Development Council has proposed legislation requiring at least 30 per cent value addition before raw materials are exported.
Enoh said such measures are critical to building a stronger industrial base and reducing Nigeria’s dependence on imports.
“The new industrial code of the country will guide this process, creating a pathway for reviving industries, addressing skills gaps, and positioning Nigeria for global competitiveness,” he noted.
Speaking at the West Africa IMT Summit, themed “Accelerating West Africa’s Sustainable Industrial Revolution for Economic Prosperity”, Enoh said the gathering will serve as a platform to accelerate Africa’s march towards true industrialisation.
“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,” he said.
Also speaking, Country Director of dmg Nigeria events, Wemimo Oyelana, said the summit aims to create an open space for industry players to develop practical solutions that strengthen manufacturing, drive trade, and leverage opportunities from the African Continental Free Trade Area.
Nigeria’s 3% GDP Inadequate To Achieve $1tn Economy—Minister is first published on The Whistler Newspaper
