Nigeria Targets 20% Manufacturing Growth by 2031
The Nigerian federal government has established a target of 20% manufacturing growth by 2030-2031 under the Nigerian Industrial Policy (NIP), focusing on long-term financing to support this expansion. Senator John Owan Enoh, the Minister of State for Industry, Trade and Investment, noted that manufacturers struggle to secure long-tenor financing, which is essential for sustaining industrial investments.
He indicated that the unattractiveness of credit terms is pushing investors towards trading rather than manufacturing. Minister of Finance, Taiwo Oyedele, reported a decline in commercial banks' credit to the manufacturing sector by approximately N1.9 trillion in 2025, a drop of over 22% from N8.5 trillion to N6.61 trillion.
He expressed concern over the high borrowing rates, which threaten investments that require long-term returns. Dr. Chris Isokpunwu, Permanent Secretary of the Federal Ministry of Industry, Trade & Investment, emphasized the need for affordable and patient capital to enhance investment in machinery and technology.
Plus234Feed summary based on reporting from This Day. Read the original report below.
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