Nigeria must revive industries or risk economic stagnation – ex-minister

Nigeria’s industrial sector is at a critical juncture, and failure to revive it will deepen economic stagnation, former Minister of Industry, Trade and Investment, Olusegun Aganga, has warned.

On Thursday, at the inauguration of the Industrial Revolution Work Group (IRWG) in Abuja, he said the country’s manufacturing decline had been driven by outdated policies, infrastructure deficits, and global competition, leaving key industries struggling.

“For decades, Nigeria has suffered from industrial stagnation due to outdated policies, infrastructural decay, and global competition,” he said. “But today is not a day to dwell on past failures—it is a day to embrace a new future.”

Mr Aganga described the revitalisation of the country’s manufacturing sector as a “patriotic duty” that requires coordinated action from both the government and private sector.

He stressed that industrialisation remains the foundation of every advanced economy, pointing to China’s manufacturing boom, Germany’s precision engineering, and the United States’ industrial leadership.

He said Nigeria must transition from a consumer economy to one that adds value to its vast natural resources and exports competitive products to global markets.

The IRWG, inaugurated under President Bola Ahmed Tinubu’s administration, is expected to drive targeted policy reforms, address manufacturing constraints, and create an environment that fosters industrial expansion.

Its key focus areas include policy streamlining, infrastructure upgrades, access to affordable finance, and technology integration to reposition Nigerian industries for global competitiveness.

The former minister argued that the revival of moribund sectors such as textiles, steel, and agro-processing would create jobs, boost GDP, and strengthen economic resilience.

A functioning steel industry, he said, would accelerate infrastructure development, while a revitalised agro-processing sector would enhance food security.

He called for urgent government intervention to remove bureaucratic bottlenecks, lower production costs, and provide reliable energy to industries, saying that without these measures, Nigeria risks falling further behind its global peers.

“No government, no matter how well-intentioned, can singlehandedly drive industrial transformation,” he said, urging private sector leaders to play a central role in the process.

He highlighted the IRWG’s structure as a collaborative effort between government, industry, and academia to ensure that policies translate into tangible industrial growth.

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As Nigeria embarks on what he described as a “decade-defining journey,” Mr Aganga underscored the need for clear execution strategies, strict adherence to timelines, and continuous engagement with investors to stimulate industrial growth.

“This is our moment. Let history remember us as the generation that refused to let Nigeria remain a consumer economy, that fought to revive our industries, and that took bold and decisive steps to create an industrial revolution worthy of the greatness of this nation,” he said.