Photo File: Minister of State for Industry, Senator John Owan

Nigeria has set an ambitious target to raise its industrial contribution to the Gross Domestic Product (GDP) from the current 10 per cent to 25 per cent by 2035 under a newly validated strategic framework, the Federal Government announced on Tuesday.

Speaking at a high-level panel during the Gastech Exhibition and Conference in Milan, Italy, Minister of State for Industry, Senator John Owan, described the initiative as a “turning point” in Nigeria’s industrial policy and one of the boldest achievements of President Bola Tinubu’s administration.

“For the first time in decades, Nigeria has a strategic industrial framework. We are determined to grow our economy,” Owan declared.

The panel session, themed “Powering Growth and Prosperity in High Potential Economies Through Widened Access to Affordable, Reliable and Flexible Energy,” showcased Nigeria’s shift from a resource-based to a productive, competitive and innovative economy.

Owan said Tinubu’s advocacy for Compressed Natural Gas (CNG) as an industrial driver underscores the administration’s energy-focused growth strategy. Nigeria’s large population and youthful workforce, he added, position the country as a key player in Africa’s industrial future.

“Nigeria is ready. Africa is the new frontier, and we are reforming to meet global expectations,” the minister said.

Owan also lauded Tinubu’s early reforms — the removal of petrol subsidies and harmonisation of exchange rates — which, he said, have helped stabilise the economy and improve access to foreign exchange for businesses.

Calling Nigeria “more of a gas country than an oil country,” he urged international partners to help plug infrastructure gaps and curb gas flaring to ensure energy sufficiency.

On his part, Olalekan Ogunleye, Executive Vice President of Gas, Power and New Energy at NNPC Limited, emphasised that gas remains central to Nigeria’s economic strategy.

“Nigeria has over 210.5 trillion cubic feet of gas. We must optimise its development,” Ogunleye said, revealing that NNPC is revising its gas master plan to position Nigeria as a sustainable global supplier.

He cited major projects including the Train 7 LNG expansion, which will boost output by 30 per cent, and the African Atlantic Gas Pipeline project with Morocco to connect 16 African economies. Domestically, NNPC is supporting gas-based industries to generate jobs and attract global investment.

“This is the best time to invest in Nigeria because the opportunities are vast and the environment is ready,” Ogunleye added.

The Gastech conference is one of the world’s largest energy gatherings, drawing global leaders and investors to discuss sustainable solutions and strategic partnerships.