The Federal Government is in active talks to revive Ajaokuta Steel Company and moribund textile factories nationwide, Minister of State for Industry John Enoh said Tuesday.
Enoh, speaking on Channels Television, said the Tinubu administration is rolling out the National Industrial Policy (NIP) to boost manufacturing, create jobs, and push Nigeria toward a $1 trillion economy.
On textiles, Enoh said the government is running the Cotton, Textile and Garment Industrial Transformation Programme to reconnect cotton growers, manufacturers, and garment producers — a link he called “missing” from the value chain.
Investors are also circling abandoned textile factories, he said. “We hope that within the next few weeks, the necessary agreements will be concluded. They are interested in establishing industrial parks in many of those moribund textile factories.”
On Ajaokuta, long stalled despite decades of investment, Enoh said an international consortium will meet with the ministry in coming days. “There is no meaningful industrialisation without steel,” he said. “We are optimistic these engagements will yield positive results.”
Enoh described industrialisation as central to the government’s economic agenda. “We cannot build a one-trillion-dollar economy without production. You can put fiscal and monetary policies in place, but production remains the key to economic growth.”
The NIP, launched in February, is Nigeria’s first comprehensive industrial policy in decades, backed by an implementation framework with quarterly reporting. Government is targeting a rise in industry’s share of GDP to 25 percent by 2030, up from current levels.
Enoh said the plan also includes value addition to cut raw material exports, cheaper long-term financing through the Bank of Industry, and the Nigeria First Policy to boost demand for local goods. Energy costs remain a major hurdle — accounting for roughly 40 percent of manufacturers’ operating expenses, he said, adding that government is working on measures to make power more affordable and reliable for industry.
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