Annual 10% growth in Nigeria's GDP is necessary to reach a $1 trillion economy, according to the Minister.

Nigeria is gearing up for an industrial revolution, as the government and key stakeholders work towards unlocking the full potential of the country's industries. This push is aimed at accelerating Africa's industrialization, as encapsulated in the theme of the upcoming West Africa IMT Summit: "Accelerating West Africa's Sustainable Industrial Revolution for Economic Prosperity."

John Owan Enoh, Nigeria's Minister of State for Industry, Trade, and Investment, has emphasized the need for the country to grow its economy by at least 7% to 10% annually to reach a $1 trillion GDP target set by President Bola Tinubu. To achieve this, Enoh believes that Nigeria cannot continue the tradition of exporting raw materials, stressing the importance of value addition to scale growth.

In line with this, President Tinubu has approved a 6-month temporary ban on the export of raw shea nut to curb informal trade, boost local processing, protect, and grow the local shea industry. This ban, which took effect immediately, is subject to review on expiration and is a reflection of the government's efforts to encourage local processing and manufacturing.

The new industrial policy, which is currently being finalized and will be validated on September 4, aims to provide a comprehensive framework to revive industries and boost manufacturing, particularly in struggling sectors like textiles. The Raw Materials Research and Development Council has proposed legislation requiring at least 30% value addition before raw materials are exported.

Wemimo Oyelana, Country Director of dmg Nigeria events, stated that the summit aims to create an open space for industry players to develop practical solutions that strengthen manufacturing, drive trade, and leverage opportunities from the African Continental Free Trade Area (AfCFTA). Enoh concurred, stating that such measures are critical to building a stronger industrial base and reducing Nigeria's dependence on imports.

Enoh also highlighted the need for a new industrial code to guide the process of reviving industries, addressing skills gaps, and positioning Nigeria for global competitiveness. He questioned what Nigeria will do with its growing population without industries to absorb them, emphasizing that there is no first-world nation that is not industrialized.

Vice President Kashim Shettima announced the president's directive during a multi-stakeholder meeting at the Presidential Villa and called on the Federal Ministry of Finance and other relevant government agencies to fast-track enforcement. The government organization responsible for developing the new industrialization policy to be presented on September 4, 2025, is not explicitly mentioned in the provided search results.

The aim of these initiatives is to create an environment that fosters industrial growth, scales small and medium-sized enterprises (MSMEs), and harnesses manufacturing resources, thereby driving Nigeria towards economic prosperity. As Enoh rightly pointed out, industrialization is the key to sustainable prosperity, and Nigeria is taking significant strides towards this goal.

Annual 10% growth in Nigeria's GDP is necessary to reach a $1 trillion economy, according to the Minister.