Revive over 700 moribund factories, MAN DG urges FG

Director-General, Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, has urged the newly inaugurated Industrial Revolution Work (IRWG) to work towards reviving over 700 industries shut down in the country due to the economic crisis.

Speaking with newsmen after the inauguration, Ajayi-Kadir said MAN had released a figure of 732 industries so far shut down over a long period, and expressed hope that the IRWG would take steps to revive them.

The IRWG was inaugurated, yesterday, by the Federal Ministry of Industry, Trade and Investment (FMITI) to serve as Nigeria’s one-stop hub for industrial transformation, diagnose challenges, formulate strategic responses, and implement solutions that enhance productivity, competitiveness, job creation and economic resilience.

Ajayi-Kadir said what was important now was to wake those industries, rather than lamenting over their shutdown, and ensure that the surviving ones do not go their way.

He said the IRWG would enable the public and private sector players to collaborate towards removing constraints that limit the performance of the manufacturing sector.

On interest rate, the MAN DG urged the Central Bank of Nigeria (CBN) not to further increase the rate.

He said: “It is instructive and interesting that immediately after the rebasing of the economy, there is Monetary Policy Committee (MPC) meeting.”

This, he said, reflected the importance of issues that would emanate from the meeting.

According to him, the rate has become a challenge, as measures taken in the past to address it had not “quite achieved the objective.”

Former Minister of Industry, Trade and Industry, Dr Olusegun Aganga, said the roadmap to revive the nation’s dormant industries must be built on four fundamental pillars: policy reform and regulatory efficiency, infrastructure and energy solutions, access to finance and incentives, and technology and innovation.

Aganga, who was also a former Minister of Finance under President Goodluck Jonathan, said the private sector must be given a leading role, as no government, no matter how well-intentioned, could singlehandedly drive industrial transformation.

In a keynote at the inauguration of IRWG, Aganga called for public-private collaboration to drive industrialisation.

The IRWG comprises stakeholders from government, manufacturing, finance and academia.

Aganga described the IRWG’s membership structure as vital, as it would bring together the government as an enabler, the private sector as the engine of growth, and the academia as the knowledge repository that fuels innovation and skills development.

He said: “As we launch the IRWG today, we must all recognise that this is not merely a ceremonial event but the beginning of a decade-defining journey. The success of this initiative hinges on clear execution strategies with measurable milestones, strict adherence to timelines and accountability frameworks, continuous engagement with local and international investors and a shared commitment to the principles of industrial excellence.”

According to him, a revitalised textile sector means jobs for thousands; a functional steel industry means infrastructure development; and a flourishing agro-processing industry means food security.

Minister of State for Industry, Trade and Investment, Sen John Enoh, said IRWG was established to design, champion, and implement industrial strategies that would resurrect dormant industries, empower the next generation of manufacturers, and strategically integrate Nigeria into the global industrial economy.

Enoh said: “Nigeria must now embark on this journey with boldness and clarity of vision. We are blessed with vast natural resources, an industrious and youthful population, and an entrepreneurial spirit that is second to none. What we require now is a deliberate, structured, and results-oriented industrial roadmap.”