John Enoh: New Industrial Policy Offers Incentive Framework to Spur Investment, Cut Costs, Others
•Declares document will aid economic diversification
James Emejo in Abuja
The Minister of State for Industry, Trade and Investment, Senator John Owan Enoh, has said the new Nigeria Industrial Policy (NIP) presents robust incentive framework, including fiscal, monetary, export, and industrial measures to spur investment, reduce cost of doing business, and fosters innovation.
The minister noted that the policy offers comprehensive framework that reaffirms national resolve to diversify the economy, create inclusive prosperity, and secure Nigeria’s rightful place as a leading industrial hub in Africa and the wider global economy.
He disclosed this in his preliminary remarks ushering the NIP.
He noted that “For decades, the absence of a coherent, forward-looking, and actionable industrial policy constrained the country’s ability to unlock the full potential of its abundant resources, human talent, and entrepreneurial dynamism.
He added that the current administration seeks to reverse the narrative through the policy.
The minister said, “This document sets out a clear and actionable roadmap for Nigeria’s industrial transformation.
“It identifies priority sectors, establishes enabling reforms, and codifies incentives that ensure our industrial growth is not only accelerated but also inclusive, competitive, and sustainable.”
He further noted that the recent tax reforms, harmonising multiple levies and creating a fairer regime for businesses, form the fiscal backbone of the document.
Enoh said, “Complementing this are targeted waivers on VAT and import duties to catalyse renewable energy, green manufacturing, and priority industries, alongside the Economic Development Incentive (EDI) that replaces the former pioneer status with a more transparent, performance-linked model.
“We recognise that no policy succeeds without financing. This is why the NIP strengthens our development finance architecture: recapitalising the Bank of Industry, scaling sectoral intervention funds, mainstreaming credit guarantees for MSMEs, and introducing innovative schemes such as interest-drawback programmes and equity-based financing.
“By setting aside up to 5 per cent of GDP for industrial financing and leveraging public-private partnerships, this government demonstrates its commitment to matching ambition with resources.”
Nonetheless, he said, “Above all, this policy is not government’s agenda alone, it is a national compact. It calls upon the ingenuity of our private sector, the commitment of our development partners, the resilience of our MSMEs, and the dynamism of our young people.
“It also demands closer cooperation across federal, state, and local governments to align objectives and mobilise action.”
He declared that more than a document, the policy represented a statement of intent, vision, and covenant.
He said, “It is our collective declaration that Nigeria will no longer be content with exporting raw materials while importing jobs and prosperity.
“Instead, we shall build, manufacture, and innovate here at home: creating wealth that endures, industries that compete globally, and opportunities that reach every Nigerian household.”
“I invite all stakeholders to take ownership of this policy, to hold us accountable for its delivery, and to walk with us in building an economy that is diversified, competitive, and innovation-driven by 2035.”
