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Nigeria launches new industrial policy to revive factories, boost manufacturing, and strengthen economic self-reliance under President Tinubu’s agenda.
Nigeria has unveiled a new industrial policy to revive idle factories, boost local manufacturing, and strengthen economic self-reliance under President Tinubu’s Renewed Hope agenda.
The plan, announced by Minister of State for Industry John Owan Enoh, includes recapitalizing the Bank of Industry to ₦3 trillion, increasing industrial spending to 3–5% of GDP, enforcing a 'Nigeria First' policy, and creating industrial clusters with shared infrastructure.
It also aims to expand financing for SMEs, harmonize taxes, promote vocational training, and establish a working group for coordination.
While challenges like energy shortages and weak local demand persist, officials say strong political will and private-sector involvement could drive sustainable growth.
Nigeria lanza una nueva política industrial para reactivar fábricas, impulsar la fabricación y fortalecer la autosuficiencia económica bajo la agenda del presidente Tinubu.