Milan: The Federal Government of Nigeria has projected a significant rise in industrial contribution to GDP, targeting a 25% growth between 2025 and 2035 under a newly validated strategic framework. Sen. John Owan, Minister of State for Industry, made this remark during a panel session at the ongoing Gastech Exhibition and Conference in Milan, Italy.
According to News Agency of Nigeria, the session, themed ‘Powering Growth and Prosperity in High Potential Economies Through Widened Access to Affordable, Reliable and Flexible Energy,’ highlighted a new strategic industrial framework as a turning point in Nigeria’s industrial policy. Owan emphasized that for the first time in decades, Nigeria has a strategic industrial framework that aims to grow the economy significantly.
He explained that the current industrial contribution to GDP stands at about 10%, with plans to increase it to 25% by 2035. This policy marks Nigeria’s shift from a resource-based economy to one that is productive, competitive, and innovative. Owan noted that President Bola Tinubu has been a strong advocate of Compressed Natural Gas (CNG) as a tool for powering industries and driving economic growth.
Owan also highlighted Nigeria’s large population and vibrant youth base as key factors positioning the nation as a significant player in Africa’s industrial future. He praised President Tinubu’s reform-minded leadership, citing decisive actions such as the removal of the petrol subsidy and harmonization of exchange rates, which have helped stabilize the economy.
He mentioned that Nigeria is being promoted as an investment destination during President Tinubu’s global engagements, urging the global community to engage with Nigeria and Africa due to the continent’s readiness for transformation. Owan 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.
Mr. Olalekan Ogunleye, Executive Vice President, Gas, Power and New Energy at NNPC Limited, emphasized that gas is central to Nigeria’s economic strategy. He stated that the Tinubu administration is leveraging gas to deliver improved outcomes for Nigerians, noting that Nigeria has over 210.5 trillion cubic feet of gas that needs to be optimized for development.
Ogunleye mentioned that NNPC is revising the gas master plan to position Nigeria as a sustainable global supplier, with projects such as the Train 7 LNG expansion expected to boost output by 30%. He also highlighted the African Atlantic Gas Pipeline project being developed with Morocco to connect 16 African economies and strengthen Nigeria’s role as a dependable gas supplier.
Domestically, Ogunleye noted that NNPC has begun supporting gas-based industries to generate jobs and meet investor needs, citing renewed interest from global firms in deep-water gas developments. He emphasized that this is the best time to invest in Nigeria, as the opportunities are vast and the environment is ready.
The Gastech conference is one of the world’s largest gatherings, drawing global leaders and investors to discuss sustainable solutions and strategic partnerships.
