Reps seeks N350m allocation to revive ailing SMEs

The House of Representatives has called connected the Federal Government to allocate N350 cardinal successful the 2026 fund to revive moribund industries and enactment tiny and medium-sized enterprises (SMEs) crossed Nigeria.

The solution followed the adoption of a question moved by Hon. Akarachi Amadi, who represents the Mbaitoli/Ikeduru Federal Constituency of Imo State.

Amadi noted that respective formerly thriving industries crossed the state person collapsed oregon go inactive owed to mediocre powerfulness supply, precocious involvement rates, and anemic infrastructure, starring to occupation losses and economical decline.

Citing information from the National Bureau of Statistics (NBS), helium said Nigeria’s unemployment complaint has risen from 25 percent successful 2022 to implicit 40 percent successful 2025, mostly owed to the closure of cardinal manufacturing industries.

“The moribund authorities of section industries has led to an summation successful the importation of goods antecedently produced successful Nigeria, causing superior flight, worsening speech rates, and fueling inflation, particularly successful sectors wherever we were erstwhile self-reliant,” Amadi said.

He added that the illness of section industries has besides contributed to rising insecurity, kidnapping, and different societal vices, arsenic galore unemployed youths crook to transgression retired of frustration.

The lawmaker highlighted that respective industries crossed the six geopolitical zones stay inactive, including the Katsina Steel Rolling Mill successful Katsina State, the National Paper Manufacturing Company successful Ogun State, and the Standard Shoe Industry Limited successful Imo State. Others see the Taraba Tomato Processing Company, the Idah Glass Company successful Kogi State, and the Cross River Wood Processing Plant.

Amadi warned that immoderate Nigerian manufacturers are already relocating to neighbouring countries specified arsenic Ghana owed to Nigeria’s mediocre infrastructure and precocious operating costs.

He stressed that reviving industries similar the Osogbo Steel Rolling Mill, Osogbo Machine Tools, and Ceramic Industry, Umuahia would fortify Nigeria’s economy, trim reliance connected imports, and make much jobs.

Following the motion’s adoption, the House urged the Federal Ministry of Industry, Trade, and Investment to see the N350 cardinal allocation successful the 2026 fund to kick-start the revival of these industries.

The station Reps seeks N350m allocation to revive ailing SMEs appeared archetypal connected Vanguard News.