Nigeria is embarking on an ambitious plan to elevate its industrial sector, with projections showing that its share of Gross Domestic Product (GDP) will rise to 25 percent by 2035, up from the current 10 percent.
Senator John Owan, Minister of State for Industry, revealed this during a panel discussion at the Gastech Exhibition and Conference in Milan, Italy.
“For the first time in decades, Nigeria has a strategic industrial framework. We are determined to grow our economy,” Owan declared.
He explained that the policy aligns with President Bola Tinubu’s reform-driven leadership, including subsidy removal and exchange rate harmonisation, both of which have reshaped Nigeria’s macroeconomic environment.
The minister emphasised the role of Compressed Natural Gas (CNG) in powering industries and repositioning Nigeria as a hub of innovation and competitiveness.
“Nigeria is ready. Africa is the new frontier, and we are reforming to meet global expectations,” Owan stated, stressing that the nation’s youthful population offers a demographic advantage.
Meanwhile, NNPCL’s Executive Vice President, Gas, Power and New Energy, Olalekan Ogunleye, highlighted the centrality of gas in the country’s industrialisation strategy.
“Nigeria has over 210.5 trillion cubic feet of gas. We must optimise its development,” Ogunleye said. He noted that the Train 7 LNG expansion would raise production by 30 percent, while talks were ongoing on Train 8 and 9.
He also cited the African Atlantic Gas Pipeline project linking 16 African nations as a milestone in Nigeria’s aspiration to become a top energy supplier.
Experts at the event agreed that Nigeria’s industrial transformation is anchored on both domestic reforms and international partnerships.