Enoh banks on industry, value addition to unlock $1trn economy

Nigeria has a clear industrial roadmap to support the Federal Government's ambition of growing the economy to $1 trillion by 2030, the Minister of State for Industries, John Enoh, has said. Enoh said the administration of President Bola Tinubu was relying on industrialisation, increased domestic production, value addition and ongoing economic reforms to achieve the target, while acknowledging that challenges around electricity, infrastructure and logistics remained significant constraints to industrial expansion. The minister spoke during an interview on Monday, following the latest Gross Domestic Product figures released by the National Bureau of Statistics, which showed that Nigeria's economy expanded by 4.43 per cent year-on-year in the second quarter of 2026. According to Enoh, the Nigerian Industrial Policy, which was approved by the Federal Executive Council in the final quarter of 2025 and launched in February 2026, provides the framework for driving industrial development and strengthening manufacturing. 'Two things: as to whether we have a roadmap or plan, the answer is yes. 'I think we launched the Nigerian Industrial Policy. Prior to that, it was approved by the Federal Executive Council in the last quarter of last year. That would be the first policy for industry in several decades that a Chief Mr. President has committed to, and his commitment was delivered. So, we sure have one.' Enoh said the manufacturing sector had begun to show signs of recovery, recording two consecutive quarters of improved growth in 2026. He said manufacturing growth rose to 3.24 per cent in the second quarter of 2026, compared with 1.60 per cent in the corresponding quarter of 2025, although he admitted that the performance remained below the level required to deliver the government's broader economic ambitions. 'Talking about the performance of manufacturing in the report and all of that, I don't think we are talking about 2025 anymore. We are talking about the figures just released by NBS, the second-quarter figures that put our GDP overall at 4.43%. And what is manufacturing's performance in those figures? 'For manufacturing, it's 3.24%. Not yet where we would like to be, but let me say that whereas manufacturing had decelerated from about 2022 to 2023 to the extent that in the 2025 second quarter manufacturing was about 1.60%—and I reference the 2025 second quarter because that's where we are in the 2026 second quarter—we've witnessed a gradual acceleration from the first quarter of 2026 to the second quarter of 2026. The figures are 3.24% in terms of manufacturing's contribution to overall GDP. Like I said, we've witnessed two quarters of successive acceleration.' On the persistent electricity challenge facing manufacturers, the minister said inadequate power supply continued to increase operating costs and constrain industrial productivity. He said the government was pursuing a diversified power strategy involving electricity from the national grid, gas-fired generation and renewable energy sources. 'Talking about power, electricity, and the constraints: the constraints are still there. Last quarter of last year, I convened the first Ministerial Round Table on Power. We acknowledge and appreciate what power constraints are causing to industry and manufacturing, and we are confronting that. 'In that round table, what came out was about two things: the fact that what we needed was blended power—grid power, gas power, renewables, and all of that. But we also zeroed in on one thing: right next door here where we have the industrial cluster, I've visited that cluster, and we are using it as a model, a template. We're trying to get power there. As I speak with you, sometime next week, we are going to do groundbreaking, working with Wellbeck and all of that. So that is being attended to, that is being responded to, and hopefully, we should be able to get by.' Enoh also defended the feasibility of the $1 trillion economic target, arguing that Nigeria possesses the resources and market potential required to achieve an economy of that size. He said the administration was increasingly focused on implementation and monitoring of its industrial policy, noting that the Ministry of Industry had committed to publishing 90-day implementation reports. 'Again, what's my response to that? A $1 trillion economy is not an ambition that a country like Nigeria shouldn't have, because we've got all it takes to even do better than that. Second, that is an aspiration, and I think that every effort is being put into that. 'Since I launched that policy, we made a commitment that we're going to have a 90-day implementation report. We released the first one; as I speak with you, we are getting ready to release the second one. Sometime a few months ago, the Bank of Industry released for the first time its Annual Development Impact Report for 2025. Why is all of this happening? All of this is happening because we are focused and challenged by the $1 trillion economy and the fact that we're not going to achieve that without production or value addition.' The minister said sustaining growth above four per cent would require the government to preserve the stability generated by its reforms and avoid policies that could reverse recent gains. He urged all sectors of the economy to increase their contribution to productivity, investment and output. 'What we must do is let's not forget where we came from when President Bola Tinubu took office in 2023—what the numbers were, where we were, and where we are today. Reforms have had to take place, and there's some stability. Using that stability, we now need to consolidate. 'Let's not reverse the reforms, because we're not yet where we can say we're out of the woods. Our eyes must remain focused on the reforms and, altogether, make sure that every sector is up to speed in terms of its contribution toward making sure that we are able to achieve that. We now have a chance; the momentum is there, and we need to remain focused and see how we can run with it.' On financing for micro, small and medium-sized enterprises, Enoh said the government was working to expand access to funding while improving the wider operating environment for smaller businesses. He cited the Bank of Industry's financing activities, saying the institution disbursed about N150 billion in 2025, with MSMEs accounting for the majority of beneficiaries. According to him, the bank had raised about N450 billion in 2026 and was working towards mobilising N1 trillion to support businesses. 'I referenced the 2025 Development Impact Report by the Bank of Industry. In 2025, about N150 billion was disbursed to—the majority of the beneficiaries were these MSMEs. In 2026, the Bank of Industry, enabled by the government of President Bola Tinubu, has been able to raise about N450 billion, and they are on the road to making sure that they raise about N1 trillion. All of this is finance and funding for MSMEs. I referenced the industrial cluster and talked about power and electricity; if you go there, who are those playing there? They are MSMEs and all of that.' Enoh said public-private sector collaboration had also become a central component of the government's industrial strategy. He said the five strategic objectives contained in the Nigerian Industrial Policy had been activated across different sectors, with the government also working to revive important value chains such as cotton and textiles. 'We are executing a plan, we are focused on that execution, and within industry and manufacturing, for the first time, we have a workable partnership between the public sector and the private sector. 'After our first 90-day report, what we reported essentially was that all five strategic objectives of the NIP have been activated across various sectors. These are the things that are going to be able to make things play. Talking about textile, cotton, and whatever—whose performance in terms of the recent figures by NBS is main dismal—that is also why, for example, a few months ago I visited a cotton farm in Ogun State as part of what we're trying to do in terms of activating the value chain, connecting the cotton growers to the textile ginneries and to the garment people. So, work is going on. 'Basically, we are excited by the numbers, and what that excitement means for us is that it challenges us more to make sure that we continue on that trajectory of positivity.' The minister also called for a closer examination of reports claiming that between seven million and eight million businesses had collapsed in Nigeria over the past three years. He argued that some businesses had already closed before the current administration assumed office in 2023 and said the figures should therefore be properly scrutinised. 'We need to confront that report and look at it, because to my knowledge, prior to 2023, a lot of businesses folded up. But since 2023, within industry and manufacturing, there has actually been a gross reduction in terms of those numbers. We need to confront that first.' Enoh identified the cost of electricity as one of the major barriers preventing economic growth from translating into stronger business performance and improved living standards. He explained that although power supply constraints might be declining in some areas, manufacturers were still spending heavily on alternative electricity generation, effectively increasing their cost of production. 'I've mentioned power and electricity. Whereas it's not doing—it's going down, what you find out is that industries are spending more to be able to provide power. Our challenge, therefore, is to ensure that while industry and manufacturers demonstrate that kind of resilience, they are able to achieve that with lower costs. So that is challenging. 'The challenge of infrastructure also remains there—infrastructure and logistics—which is why at the ministry, our first 90-day report included the fact that, working with the African Development Bank, $368 million is being structured. The African Development Bank, working with industry and manufacturing, is providing that in terms of about 70-something industrial clusters where all these services are going to be consolidated and provided.' The minister further expressed confidence that Nigeria could attract greater levels of domestic and foreign investment as reforms, incentives and trade initiatives continue to improve the business environment. He pointed to tax reforms, import duty exemptions and Nigeria's participation in the African Continental Free Trade Area as measures capable of improving the country's investment and production prospects. Enoh said the government was also focused on ensuring that locally produced goods met international and regional standards, particularly as Nigerian manufacturers seek to take advantage of the African market. 'Why not? Nigeria is becoming attractive to investors. Why not? What is it that's going to make Nigeria attractive enough for investors and investments to come in? This government, from day one, has continued to do those kinds of things captured by the kinds of reforms that have been very encouraging and enabling to allow those investments to come. 'You talk about incentives and all of that—the tax reforms that have been embarked upon presently offer some form of incentives. Import duty exemptions and all of that are going on. 'We are playing big in terms of the AfCFTA. We're not doing that to become a dumping ground; we're being as competitive as we can. Some months back, about 131 companies responsible for about 220 products had the African Quality Mark certified to make sure that our goods and products are standard.' Enoh's comments come as the Federal Government continues to position industrial expansion, manufacturing growth and value addition as key drivers of its $1 trillion economy ambition, with improved power supply, infrastructure, financing and policy implementation remaining critical to achieving the target.