FG targets 25% industry share of GDP by 2035

The federal government is initiating a bold caller concern roadmap aimed astatine much than doubling the sector’s stock of nationalist output implicit the adjacent decade, projecting a emergence from the existent 10% publication to 25% of GDP by 2035.

Minister of State for Industry, Senator John Owan, disclosed the program astatine the Gastech Exhibition and Conference successful Milan, describing the model arsenic a defining milestone of President Bola Tinubu’s administration.

According to the minister, the argumentation signals Nigeria’s modulation distant from a resource-dependent system toward a competitive, innovation-led concern hub. 

Addressing participants astatine the conference, helium said:”This is the archetypal clip successful decades that Nigeria has adopted a broad concern framework”, adding that the determination is expected to reshape the country’s maturation trajectory.

Owan credited President Tinubu’s aboriginal reforms – including substance subsidy removal and speech complaint unification – with stabilising the system and creating conditions for investment. 

“With reforms successful question and caller frameworks validated, the adjacent decennary volition beryllium defined by concern expansion, vigor optimisation, and planetary partnerships,” helium stated.

In a related development, Owan said that the authorities has validated the Nigeria Industrial Policy (NIP) aimed astatine driving inclusive growth, occupation instauration and nationalist competitiveness, adding that it was designed to alteration the concern assemblage into the existent motor of sustainable maturation and nationalist pride.

He explained that the argumentation had been subjected to wide consultations involving the Manufacturers Association of Nigeria (MAN), Organised Private Sector of Nigeria (OPSN), Nigeria Economic Summit Group (NESG), the academia, labour, improvement partners and MSMEs.

He emphasised that the occurrence of the argumentation would beryllium connected effectual execution, noting that policies, nevertheless brilliant, bash not alteration nations without measurable implementation.

The station FG targets 25% manufacture stock of GDP by 2035 appeared archetypal connected Vanguard News.