Business News of Monday, 26 May 2025

Source: www.vanguardngr.com

FG to establish industrial hubs in 4 states to boost manufacturing

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The Federal Government is set to establish industrial hubs in four States of the federation as part of strategies to drive economic transformation and industrialisation across the country.

Minister of State for Industry, Senator John Enoh, who disclosed this during the 16th National Council on Industry, Trade, and Investment recently held in Lagos, with the theme “Accelerating Diversification by Leveraging Industry, Trade and Investment for Shared Prosperity”.

He said the hubs to be sited in Lagos, Ogun, Kano, and Abia States is in furtherance of the government’s industrialisation agenda anchored on the Industrial Revolution Work Group (IRWG), a cross-sectoral initiative launched in February 2025.

The IRWG initiative aims to rejuvenate, innovate, and elevate Nigeria’s industrial future through stakeholder engagement, evidence-based policy development, and consistent implementation.

Enoh stated that the establishment of the industrial hubs aligns with the Renewed Hope Agenda of President Bola Tinubu, which seeks to promote economic diversification and sustainable development. Under this agenda, the government is committed to transforming Nigeria into a manufacturing hub by addressing key challenges such as energy deficits, infrastructure gaps, and regulatory bottlenecks.

He emphasized that the country is entering an era of full-scale industrialisation where every investment, reform, and decision must contribute to a globally competitive, inclusive, and innovation-led economy.

The minister called on all stakeholders, including federal and state governments, the private sector, and development partners, to align with the IRWG initiative and contribute to the realisation of Nigeria’s industrial goals.

According to him, there is a need to move from rhetoric to results, urging collective action to unlock financing for micro, small, and medium enterprises (MSMEs), activate dormant industrial zones, and build thriving, employment-generating clusters across the federation.

“The establishment of industrial hubs in Kano, Abia, Lagos, and Ogun states represents a strategic move to harness regional strengths, create jobs, and stimulate economic growth across the country,” the minister added.