By Adeola Akinbobola, Abuja
The Managing Director/CEO Bank of Industry Nigeria (BOI) , Dr Olasupo Olusi has said Nigeria’s industrial sector has historically lagged, contributing a smaller share of GDP than many other developing nations.
Olusi noted this at the just concluded 2025 virtual public lecture on the theme financing indigenous firms for industrialisation and sustainable development in Nigeria organised by the Nigerian institution of Industrial Engineers, a division of Nigerian Society of Engineers (NSE).
According to him, the recent data from the National Bureau of Statistics highlights progress and persistent challenges. Industrial production in Nigeria grew by 2.04% in Q3 2024 compared to the same period in 2023, reflecting modest expansion.
He further noted that the industrial growth has averaged just 0.44% since 2007, demonstrating historical stagnation when viewed over the long term.
He said the sector has experienced extreme fluctuations, from a high of 27.6% in Q1 2011, fueled by economic expansion and oil price booms, to a low of -16.8% in Q4 2016, when Nigeria’s economy was hit by recession.
He said President Bola Ahmed Tinubu, has set an ambitious vision for Nigeria’s economic growth, aiming for a $1 trillion GDP by 2030.
He said this goal reflects a strong commitment to transforming Nigeria’s industrial landscape. Achieving this will require sustained economic momentum and strategic interventions to support indigenous businesses.
Also, the Managing Director (MD)/CEO Development Bank of Nigeria, Dr. Tony Okpanachi, has said that the Nigerian Industrial sector (comprising manufacturing, mining, and utilities) on the other hand, contributes less than 20% to the real GDP while the manufacturing sector contributed 14.3% to GDP in the third quarter of 2024.
Okpanachi noted this at the 2025 virtual public lecture on the theme financing indigenous firms for industrialisation and sustainable development in Nigeria organised by the Nigerian institution of Industrial Engineers, a division of Nigerian Society of Engineers (NSE).
Okpanachi who was represented by the Chief Economist, Prof. Joseph Nnanna,said indigenous firms play a crucial role in the socioeconomic growth of Nigeria and in driving industrialization.
On Strategies to Bridge the Financing Gap, he called for the need to improve access to finance for indigenous firms in Nigeria, multiple stakeholders from government, financial institutions, private sector, and international agencies will need to work collaboratively to address the issues.
He said beyond financing, DBN enhances credit access by offering credit guarantees to PFIs through its wholly owned subsidiary, Impact Credit Guarantee Limited (ICGL), encouraging financial institutions to expand their lending capacity.
The National Chairman
NIIndE, Engr David Abu Ozigi said the sustainable industrial transformations require scaled up, coordinated and “targeted” public and private investments. Industrialization and structural transformation have been historic engines of economic and productivity growth, job creation and technological advancement—and have laid the foundation for poverty reduction and a sustained mobilization of domestic resources.
He said it is appropriate to acknowledge the fact that the Nigerian government has in the past implemented several policies and programmes aimed at bridging the financing gap for industrial projects, including targeted interventions for specific sectors such as textiles.
Also, the President/Chairman-in-Council of the Nigerian Society of Engineers Engr. Margaret Aina Oguntala, represented by Executive Secretary, Engr. Joshua Egube, commended the Industrial Division of the Nigerian Society of Engineers for its vibrancy and consistent commitment to promoting good governance and fostering constructive engagements within the engineering and industrial sectors, urging it to keep the flag flying.
Also, President Development Initiatives for African Women (DIFAW) Dr Chidinma Uwajumogu in a paper presentation on
“Unlocking the Potential of Women Entrepreneurs: A Key to Financing Indigenous Firms for Industrialization and Sustainable Development in Nigeria” said
Nigeria’s economic growth and industrialization have been hindered by various challenges, including inadequate access to finance, particularly for indigenous firms and women entrepreneurs.
“Despite their significant contributions to the economy, women entrepreneurs face numerous obstacles, including limited access to credit, markets, and technology.
“However, research has shown that investing in women-owned enterprises can have a transformative impact on the economy and society as a whole,” she said.