The federal government has announced plans to allocate N800 billion to the agro-processing and renewable energy sectors under the national industrial policy 2025.
The government announced the plan in the National Industrial Policy report, recently launched by the Ministry of Trade, Industry, and Investment.
According to the report, the federal government intends to set aside 3 percent to 5 percent of gross domestic product (GDP) annually toward industrial development financing.
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“Introduction of a 5-year implementation roadmap (2025 – 2030) with milestones to achieve: Policy stability coordination, PPP framework rollout, infrastructure upgrades and MSME finance expansion,” the report reads.
The report said the federal government targets allocation of sector-specific credit quotas, such as N500 billion for agro-processing and N300 billion for renewable energy.
Also, the government said it is reinforcing and recapitalising domestic development finance institutions (DFIs) — in collaboration with continental and international DFIs — to address industries’ long-term funding needs at single-digit interest rates through strategic policy actions.
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“Leverage Public-Private Partnerships (PPPs) to fund industrial projects and combine Government support with private sector efficiency. CBN to develop mechanisms for commercial banks to improve lending to identified priority industries,” it read.
Some of the actions, the government said, include “recapitalisation of the Bank of Industry (BOI) to N3 trillion by 2026 and increasing the scope of sector-specific intervention funds for industries from N1 trillion to N3 trillion, as contained in the stabilisation plan.”
It added that the policy would leverage public-private partnerships to fund industrial projects, while combining government support with private-sector efficiency.
“Leverage Public-Private Partnerships (PPPs) to fund industrial projects and combine Government support with private sector efficiency. CBN to develop mechanisms for commercial banks to improve lending to identified priority industries.”
The report notes that the policy framework will aid the negotiation and implementation of bilateral and multilateral trade agreements, bolster trade negotiation capabilities, and integrate Nigerian firms into global value chains, aiming to onboard 1,000 new exporters to AfCFTA markets by 2027.
The onboarding, the report said, forms part of measures being implemented to enhance competitiveness in marketing and distribution within Nigeria.
