FG targets industrial expansion, inaugurates new revolution work group

..Aganga advocates policy continuity for sustainable industrial development

The Federal Government has inaugurated the Industrial Revolution Work Group (IRWG) to accelerate Nigeria’s industrialization and economic transformation.

The IRWG aligns with the Presidential Council on Industrial Revitalization Roadmap, which was established in October 2023. Its mandate is to facilitate economic transformation through strategic policy development, stakeholder engagement, and consistent implementation.

The inauguration, held in Abuja, was presided over by John Owan Enoh, Minister of State for Industry, Trade, and Investment.

The initiative brings together key stakeholders, including government officials, captains of industry, development partners, and the organized private sector. The IRWG is expected to play a crucial role in driving industrial expansion, job creation, and economic revitalization.

In his address, Enoh underscored the importance of a robust industrial foundation in achieving economic greatness. He cited global industrial powerhouses like Germany, China, South Korea, and the United States, emphasizing that Nigeria possesses the necessary resources and workforce but requires a structured and results-oriented roadmap.

The Minister reaffirmed his commitment to ensuring industrialization remains a central pillar of economic growth under the Renewed Hope Agenda. He stressed that the success of the IRWG would be measured by tangible outcomes such as factory reopenings, job creation, and increased economic productivity.

In his remarks, Olusegun Aganga, former Minister of Industry, Trade, and Investment highlighted the need for policy continuity and sustainable industrial development, reflecting on the 2014 Industrial Revolution Plan, which failed due to inconsistent implementation.

He emphasized that deliberate and consistent action is required to achieve long-term industrial growth, citing China, Germany, and the United States as examples of countries that have successfully implemented and refined their industrial policies.

He also pointed out that Nigeria has an abundance of natural resources, including over 45 commercially viable solid minerals, a top-ranking oil and gas sector, and an extensive agricultural base. However, he stressed that Nigeria must shift from raw material exports to value-added manufacturing to maximize economic benefits.

On his part Nura Abba Rimi, Permanent Secretary of the Federal Ministry of Industry, Trade, and Investment reiterated the strategic importance of the IRWG within the government’s transformation agenda.

He urged members of the group to embrace creativity, innovation, and strategic collaboration in carrying out their mandate, stating that industrialization remains the most viable pathway to economic self-sufficiency and a stronger national currency.