Nigeria targets 25% industrial growth by 2035 – Minister

The Federal Government says Nigeria has projected a important emergence successful concern publication to GDP, targeting 25 percent maturation betwixt 2025 and 2035 nether a recently validated strategical framework.

Sen. John Owan, Minister of State for Industry, made the remark during a sheet league astatine the ongoing Gastech Exhibition and Conference successful Milan, Italy.

The league was themed “Powering Growth and Prosperity successful High Potential Economies Through Widened Access to Affordable, Reliable and Flexible Energy.”

Owan said the model marked a turning constituent successful Nigeria’s concern policy, describing it arsenic 1 of the astir profound achievements of the President Bola Tinubu administration.

“For the archetypal clip successful decades, Nigeria has a strategical concern framework. We are determined to turn our economy,” helium said.

He explained that the country’s existent concern publication to GDP stood astatine astir 10 percent, with plans to summation it to 25 percent by 2035.

The policy, helium added, signaled Nigeria’s displacement from a resource-based system to a productive, competitory and innovative one.

Owan noted that President Bola Tinubu had been a beardown advocator of Compressed Natural Gas (CNG) arsenic a instrumentality for powering industries and driving economical growth.

He said that Nigeria’s ample colonisation and vibrant younker basal positioned it arsenic a cardinal subordinate successful Africa’s concern future.

“Nigeria is ready. Africa is the caller frontier, and we are reforming to conscionable planetary expectations,” helium said.

The curate praised President Tinubu’s reform-minded leadership, citing decisive actions taken connected his archetypal time successful office, including the removal of petrol subsidy and harmonisation of speech rates.

He said those bold steps had helped stabilise the economy, with businesses capable to entree overseas speech done authoritative channels.

According to him, Tinubu has besides been promoting Nigeria arsenic an concern destination during his planetary engagements.

“There is nary amended clip successful our past than now. Nigeria is unfastened and acceptable for business.

“The planetary assemblage should prosecute with Nigeria and Africa owed to the continent’s readiness for transformation,” Owan said.

He further described Nigeria arsenic ‘more of a gas-based state than an lipid country,’ stressing that vigor argumentation is grounded successful disposable resources and semipermanent improvement goals.

He noted, however, that infrastructure gaps had led to important state flaring, urging planetary partnerships to assistance the state execute vigor sufficiency.

On his part, Mr Olalekan Ogunleye, Executive Vice President, Gas, Power and New Energy astatine NNPC Limited, emphasised that state was cardinal to Nigeria’s economical strategy.

He said that the Tinubu medication had been leveraging state to present improved outcomes for Nigerians.

“Nigeria has implicit 210.5 trillion cubic feet of gas. We indispensable optimise its development,” helium said.

Ogunleye stated that NNPC was revising the state maestro program to presumption Nigeria arsenic a sustainable planetary supplier, noting that projects specified arsenic the Train 7 LNG enlargement wo...