The Federal Government has unveiled a new industrial policy aimed at reviving dormant factories across Nigeria. According to John Owan Enoh, the minister of state for industry, the policy is designed to stimulate manufacturing and boost economic growth.
Authorities said the plan includes a proposal to recapitalise the Bank of Industry to provide more funding support to manufacturers. The government stated that improving access to finance is key to restoring inactive production facilities.
Speaking with members of the Nigerian Guild of Editors, the minister said the policy will focus on strengthening local production capacity and creating jobs. They stressed that collaboration between the public and private sectors will be central to implementation.
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Further details on timelines and funding structures are expected to be released. The initiative comes amid ongoing efforts to diversify Nigeria’s economy beyond oil dependence.
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