The Federal Government has announced that Nigeria is looking forward to a big increase in how much the industrial sector contributes to GDP, aiming for a 25 percent rise from 2025 to 2035 as part of a new strategic plan.
During a panel talk at the ongoing Gastech Exhibition and Conference in Milan, Italy, Minister of State for Industry, Sen. John Owan, shared this news.
The theme of the session was “Powering Growth and Prosperity in High Potential Economies Through Widened Access to Affordable, Reliable and Flexible Energy.”
Owan highlighted that this plan is a key moment for Nigeria’s industrial policy, calling it one of the biggest successes of President Bola Tinubu’s administration.
“For the first time in decades, Nigeria has a strategic industrial framework. We are committed to moving our economy forward,” he said.
He noted that the current industrial contribution to GDP is about 10 percent, with plans to increase it to 25 percent by 2035.
He also pointed out that this policy shows Nigeria’s move from relying on resources to becoming more productive, competitive, and innovative.
Owan emphasized that President Bola Tinubu has supported using Compressed Natural Gas to power industries and boost economic growth.
He mentioned that Nigeria’s large population and energetic youth make it a major player in Africa’s industrial landscape.
“Nigeria is ready. Africa is the new frontier, and we are making changes to meet global standards,” he said.
The minister praised President Tinubu for his innovative leadership focused on making positive changes in Nigeria. He highlighted some key actions taken on the very first day of Tinubu’s presidency, such as removing petrol subsidies and unifying different exchange rates.
These bold moves have contributed to stabilizing the economy by allowing businesses to access foreign currency more easily through official channels. The minister also noted that throughout his trips around the world, Tinubu has been actively promoting Nigeria as an attractive destination for investment.
He expressed optimism about the current moment, stating, “There has never been a better time in our history than now. Nigeria is ready and open for business. The world should connect with Nigeria and Africa, as the continent is ready for change.”
The minister explained that Nigeria is now focusing more on natural gas instead of oil, emphasizing that the country’s energy policies are designed to use available resources wisely and encourage long-term growth. He did acknowledge the challenges caused by poor infrastructure, which has led to wasted gas, and he called for international partnerships to help Nigeria achieve energy independence.
Mr. Olalekan Ogunleye, who is the Executive Vice President of Gas, Power, and New Energy at NNPC Limited, emphasized the importance of gas for Nigeria’s economy. He mentioned that the Tinubu administration is utilizing gas to improve the quality of life for the citizens.
Nigeria has an abundance of natural gas, with over 210.5 trillion cubic feet available. Ogunleye highlighted the need to fully develop this resource. He shared that NNPC is working to update the country’s gas master plan to make Nigeria a reliable supplier on the global stage, noting that projects like the Train 7 LNG expansion are set to increase production by 30 percent. He also mentioned that they are gathering more information about gas resources for future projects, Train 8 and Train 9 expansions.
The executive from NNPCL emphasized the significance of the African Atlantic Gas Pipeline project, noting that it is being developed in collaboration with Morocco to link 16 African nations and enhance Nigeria’s position as a reliable gas supplier. On the domestic front, Ogunleye mentioned that NNPC has begun to assist gas-based industries to create job opportunities.
Companies such as Petrol Brass are re-emerging with financial incentives, fostering a competitive environment.
“Now is the ideal moment to invest in Nigeria due to the numerous opportunities and a nurturing atmosphere,” he stated. According to the News Agency of Nigeria, the Gastech conference stands as one of the largest global events, attracting international leaders and investors who are looking for sustainable solutions and aiming to establish strategic partnerships.
