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…Says food, energy, housing, manufacturing, infrastructure gaps, barriers to $1 trillion goal
The Federal Government has said that the structural deficits in food, energy, manufacturing, infrastructure, and housing sectors are critical barriers preventing Nigeria from achieving its ambitious $1 trillion economy target by 2030.
Speaking at the Domestic Investors Summit in Abuja, Jumoke Oduwole, Minister of Industry, Trade and Investment, described Nigeria’s economic landscape, warning that despite the nation’s abundant human and natural resources, productivity remains far below potential.
“We must first confront the hard truths. We are not yet producing enough. Our economy is held back by five interconnected deficits: Food, energy,
manufacturing, infrastructure, and housing.
Agriculture employs over 35% of our workforce but
contributes less than 25% to GDP”, she stated
Oduwole emphasised that while agriculture employs over 35% of the workforce, its contribution to GDP remains under 25%, reflecting low productivity and value addition.
She further noted that only 45% of Nigerians are connected to the national grid, with an average electricity supply of just four hours daily a major deterrent to industrial growth and competitiveness.
Highlighting the scale of Nigeria’s housing challenges, the Minister revealed that the country faces a staggering deficit of over 20 million housing units. Infrastructure gaps, she said, continue to undermine trade, manufacturing, and job creation.
“Only 45% of Nigerians are grid-connected, with an average daily electricity supply of four hours. Manufacturing accounts for just 12.7% of the country’s GDP, which is well below the regional peers.
“Infrastructure gaps persist, and our housing deficit exceeds 20 million units. These are not abstract statistics. They are real barriers. Yet history shows that nations like Malaysia, Indonesia, and South Korea achieved structural transformation through bold policy, innovation, and coordination.From Policy to Productivity”, Oduwole added.
She pointed to global examples like Malaysia, Indonesia, and South Korea, which achieved structural transformation through deliberate, coordinated policy reforms and innovation.
The Minister reaffirmed the Federal Government’s commitment to its ‘Nigeria First’ policy, a strategy designed to anchor national development on domestic capital, enterprise, and talent.
“As the global economic map redraws itself, Nigeria must begin with Nigeria. That is the spirit of the Nigeria First Policy, a deliberate push toward economic sovereignty, local value creation, and national prosperity. This means: Prioritising domestic production, Deepening value chains, Equipping our youth for global competitiveness, and Building resilience from within”, she noted.
According to her, this approach aligns with Pillar 7 of President Bola Tinubu’s Renewed Hope Agenda, which prioritises economic diversification through industrialisation, innovation, and targeted reforms.
As part of this agenda, she said that the Ministry had rolled out a strategic roadmap that includes raising non-oil exports to $6.5 billion, attracting $6 billion in foreign investments, and creating over 200,000 export-led jobs by 2025.
“We are already seeing results. Non-oil exports rose by 24.75% in Q1 2025, reaching $1.79 billion. Special Economic Zones are coming to life with textile parks, auto plants, and food hubs”, she explained.
The Minister stressed that solving Nigeria’s structural problems is essential for unlocking industrial growth, improving living standards, and positioning the country as a regional manufacturing hub for ECOWAS and Africa at large.
She called on domestic investors to partner with the government in translating ambition into productivity and productivity into global competitiveness.
