Nigeria has officially introduced a comprehensive Industrial Policy intended to breathe life back into dormant factories and enhance its domestic manufacturing capacity. The announcement was made by Senator John Owan Enoh, the Minister of State for Industry, during a press interaction in Lagos. He emphasized that industrialization is crucial for Nigeria's economic transformation, underlining that while trade and investment play significant roles, the foundation for sustainable prosperity lies within robust and competitive productive industries.

The new policy aligns closely with President Bola Ahmed Tinubu's Renewed Hope agenda, which advocates for local content utilization, import substitution, and achieving industrial self-sufficiency. Senator Enoh revealed that his recent visits to previously operational factories helped him understand the challenges they faced and strategize on effective revival methods. This proactive approach highlights the government's commitment to not only rejuvenate the industrial sector but also to foster an environment conducive to economic growth through manufacturing.

Analysts have noted that this initiative is a critical step towards positioning Nigeria as a competitive industrial hub in the broader African context. By focusing on local manufacturing capabilities, the government aims to reduce dependency on foreign imports and create jobs, which contribute to overall economic stability. The success of this policy will largely depend on its implementation and the willingness of both the government and private sector to invest in and support the revival of industry in Nigeria.