The Federal Government says Nigeria has set a target to increase the contribution of industry to the nation’s GDP from the current 10 per cent to 25 per cent between 2025 and 2035, under a newly validated strategic framework.
Senator John Owan, Minister of State for Industry, announced this during a panel session at the Gastech Exhibition and Conference in Milan, Italy.
The session was titled “Powering Growth and Prosperity in High Potential Economies Through Widened Access to Affordable, Reliable and Flexible Energy.”
Owan said the framework marks a turning point in Nigeria’s industrial policy, describing it as one of the most important achievements of President Bola Tinubu’s administration.
“For the first time in decades, Nigeria now has a clear industrial strategy. We are determined to grow our economy,” he said.
He explained that the plan would move Nigeria from being mainly resource-based to becoming more productive, competitive, and innovative.
The minister noted that President Tinubu has strongly supported the use of Compressed Natural Gas (CNG) to power industries and drive economic growth.
He added that Nigeria’s large population and energetic youth make the country a key player in Africa’s industrial future.
“Nigeria is ready. Africa is the new frontier, and we are reforming to meet global expectations,” Owan declared.
He praised Tinubu’s leadership style, pointing to bold decisions taken on his first day in office, such as removing petrol subsidy and unifying exchange rates.
According to him, those actions have helped stabilize the economy and allowed businesses to access foreign exchange through official channels.
Owan also said Tinubu has been promoting Nigeria as a top investment destination during his meetings with global leaders.
“There is no better time in our history than now. Nigeria is open and ready for business. The world should engage with us,” he said.
The minister described Nigeria as “more of a gas country than an oil country,” stressing that the nation’s energy policies are based on its resources and long-term goals.
He admitted that infrastructure gaps have led to high levels of gas flaring, calling for international partnerships to help Nigeria achieve energy sufficiency.
Also speaking, Mr. Olalekan Ogunleye, Executive Vice President of Gas, Power, and New Energy at NNPC Limited, said gas remains central to Nigeria’s economic plans.
He explained that the Tinubu government has been using gas to boost economic growth and improve living conditions for Nigerians.
“Nigeria has over 210.5 trillion cubic feet of gas. We must make the most of it,” he said.
Ogunleye added that NNPC is updating its gas master plan to strengthen Nigeria’s role as a reliable global supplier. He noted that projects such as the Train 7 LNG expansion would raise production by 30 per cent.
He said plans are also being made for potential Train 8 and Train 9 expansions, while the African Atlantic Gas Pipeline, being developed with Morocco, will connect 16 African countries and increase Nigeria’s reach as a gas supplier.
Domestically, Ogunleye explained that NNPC is supporting gas-based industries to create jobs and attract investors. He said international companies are showing renewed interest in Nigeria’s deep-water gas projects.
“Companies are returning, incentives are improving, and the business environment is now more competitive. This is the best time to invest in Nigeria,” he said.
The Gastech Conference is one of the world’s largest gatherings on energy, bringing together global leaders and investors to discuss sustainable solutions and strategic partnerships.
