Growth

By Desmond Ejibas

Federal Government says Nigeria has projected a significant rise in industrial contribution to GDP, targeting 25 per cent growth between 2025 and 2035 under a newly validated strategic framework.

Sen. John Owan, Minister of State for Industry, made the remark during a panel session at the ongoing Gastech Exhibition and Conference in Milan, Italy.

The session was themed “Powering Growth and Prosperity in High Potential Economies Through Widened Access to Affordable, Reliable and Flexible Energy.”

Owan said the framework marked a turning point in Nigeria’s industrial policy, describing it as one of the most profound achievements of the President Bola Tinubu administration.

“For the first time in decades, Nigeria has a strategic industrial framework. We are determined to grow our economy,” he said.

He explained that the country’s current industrial contribution to GDP stood at about 10 per cent, with plans to raise it to 25 per cent by 2035.

The policy, he added, signaled Nigeria’s shift from a resource-based economy to a productive, competitive and innovative one.

Owan noted that President Bola Tinubu had been a strong advocate of Compressed Natural Gas (CNG) as a tool for powering industries and driving economic growth.

He said that Nigeria’s large population and vibrant youth base positioned it as a key player in Africa’s industrial future.

“Nigeria is ready. Africa is the new frontier, and we are reforming to meet global expectations,” he said.

The minister praised President Tinubu’s reform-minded leadership, citing decisive actions taken on his first day in office, including the removal of petrol subsidy and harmonisation of exchange rates.

He said those bold steps had helped stabilise the economy, with businesses able to access foreign exchange through official channels.

According to him, Tinubu has also been promoting Nigeria as an investment destination during his global engagements.

“There is no better time in our history than now. Nigeria is open and ready for business.

“The global community should engage with Nigeria and Africa due to the continent’s readiness for transformation,” Owan said.

He further described Nigeria as ‘more of a gas-based country than an oil country,’ stressing that energy policy is grounded in available resources and long-term development goals.

He noted, however, that infrastructure gaps had led to significant gas flaring, urging international partnerships to help the country achieve energy sufficiency.

On his part, Mr Olalekan Ogunleye, Executive Vice President, Gas, Power and New Energy at NNPC Limited, emphasised that gas was central to Nigeria’s economic strategy.

He said that the Tinubu administration had been leveraging gas to deliver improved outcomes for Nigerians.

“Nigeria has over 210.5 trillion cubic feet of gas. We must optimise its development,” he said.

Ogunleye said NNPC was revising the gas master plan to position Nigeria as a sustainable global supplier, noting that projects such as the Train 7 LNG expansion would boost output by 30 per cent.

He added that clarity was being provided on gas sources for potential Train 8 and Train 9 expansions.

The NNPCL executive further highlighted the African Atlantic Gas Pipeline project which, he said, was being developed in partnership with Morocco to connect 16 African economies and strengthen Nigeria’s role as a dependable gas supplier.

Domestically, Ogunleye said NNPC had begun supporting gas-based industries to generate jobs and meet investor needs, citing renewed interest from global firms in deep-water gas developments.

“Companies like Petrol Brass, returning as fiscal incentives, have created a competitive landscape.

“This is the best time to invest in Nigeria because the opportunities are vast and the environment is ready,” he said.

The News Agency of Nigeria (NAN) reports that the Gastech conference is one of the world’s largest gatherings, drawing global leaders and investors to discuss sustainable solutions and strategic partnerships. (NAN) (www.nanews.ng)

Edited by Jane-Frances Oraka