Nigeria has unveiled an ambitious target to expand the industrial sector’s share of the nation’s Gross Domestic Product (GDP) to 25 percent by 2035, according to the Federal Government’s newly validated strategic industrial framework.
Senator John Owan, Minister of State for Industry, made the announcement at the Gastech Exhibition and Conference in Milan, Italy, during a panel discussion themed “Powering Growth and Prosperity in High Potential Economies Through Widened Access to Affordable, Reliable and Flexible Energy.”
Owan described the framework as a landmark achievement under President Bola Tinubu’s administration, stressing that it signaled a shift from decades of underutilized potential to a new era of structured industrial policy.
“For the first time in decades, Nigeria now has a comprehensive strategic industrial framework. We are determined to transform our economy,” Owan declared.
He noted that the industrial sector currently contributes about 10 percent to GDP but is expected to rise to 25 percent within the next decade under the new plan. This transformation, he explained, is designed to reposition Nigeria from being resource-dependent to becoming a globally competitive and innovative economy.
The minister highlighted President Tinubu’s consistent advocacy for Compressed Natural Gas (CNG) as a key driver of industrialization and economic growth. He further underscored Nigeria’s demographic advantage, pointing to its large youth population as a catalyst for Africa’s industrial future.
“Nigeria is ready. Africa is the next frontier, and we are reforming our economy to meet global standards,” Owan said.
He praised Tinubu’s reformist policies, citing decisive actions such as the removal of the fuel subsidy and the unification of exchange rates as vital measures that stabilized the economy and improved access to foreign exchange for businesses.
Reaffirming Tinubu’s global investment drive, Owan stressed that the country is now better positioned than ever to attract international investors.
“Now is the best time in our history. Nigeria is open and ready for business. The international community should take advantage of Africa’s readiness for transformation,” he said.
Owan also reiterated that Nigeria was more of a “gas nation” than an “oil nation,” emphasizing that energy policies are now strategically anchored on gas resources to drive sustainable development.
Meanwhile, Mr. Olalekan Ogunleye, Executive Vice President of Gas, Power and New Energy at NNPC Limited, reinforced the centrality of natural gas in Nigeria’s economic blueprint. He said Nigeria’s 210.5 trillion cubic feet of proven gas reserves must be fully optimized to boost domestic supply and enhance exports.
He revealed that NNPC is revising the gas master plan to strengthen Nigeria’s role as a reliable global supplier. Projects such as the Train 7 LNG expansion are projected to increase output by 30 percent, with discussions ongoing for Train 8 and Train 9 expansions.
Ogunleye also highlighted the African Atlantic Gas Pipeline project, which is being developed in collaboration with Morocco to connect 16 African countries and position Nigeria as a leading continental supplier.
“Global firms are already renewing their interest in Nigeria’s deep-water gas assets, and the opportunities for investment have never been greater,” he said.
The Gastech conference remains one of the world’s largest energy gatherings, attracting policymakers, industry leaders, and investors to deliberate on sustainable solutions for global energy markets.
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