The inauguration of the Industrial Revolution Work (IRWG) recently by the federal government could not have come too soon. Set up to work towards reviving over 700 industries shut down in the country due to unease of running businesses, the scheme, if diligently implemented, is what Nigeria needs to stimulate its economy, provide jobs for the teeming population, and reduce crime and other social misconduct rampant in the society.
 
Nigeria’s industrial landscape, once dotted with thriving factories, is now marred by the skeletal remains of moribund enterprises. These silent giants, relics of a bygone era, stand as stark reminders of lost potential and a struggling economy. Reviving these dormant factories is not merely an economic imperative; it is a crucial step towards sustainable growth, job creation, and national self-reliance.
 
Indeed, this continuous closure of Nigeria’s moribund industries should be of great concern to the government, policy makers, stakeholders and the general public since their shutdown denies the country of the potential benefits associated with having functioning industries. Accruable taxes and levies to governments at all levels are equally lost.
 
The IRWG was inaugurated 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.
  
This challenge of industry shutdown has been substantiated and has become more worrisome, going by a recent report that over 700 factories have become moribund in the country. This is pathetic for a country of such immense resources and potential like Nigeria! The Director-General of Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, highlighted the misnomer during the inauguration of IRWG, saying 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.
  
Ajayi-Kadir said the important thing to do is 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.
  
Findings showed that the economic crisis, which continued to fester, has affected the  textile and  garment,  leather  and  shoe, tyres,  pulp  and  paper,  sugar,  and  battery industries, due to their  inability  to continue financing their import bills  due  to foreign  exchange  challenges. This industry, which provides millions of direct employment and millions of indirect jobs and employment in the country, is currently at its lowest ebb.  
  
For instance, checks showed that the textile and garment industry, which was once the second largest employer of labour, lost its ability to engage workers.  Before 1991, the textile industry thrived in the country, the industry recorded a yearly growth rate of 67 per cent and employed about 25 per cent of the workers of the manufacturing sector in that year. The textile industry, which accounted for 60 per cent of the labour force in the manufacturing sector and contributed immensely to the socio-economic and cultural development of the country, is now a shadow of itself. Painfully, all the industrial estates and factories have been taken over by churches, night clubs, among others and have continued to spread like wildfires.
   
Though the National Bureau of Statistics (NBS) claimed that Nigeria’s unemployment rate decreased to 4.3 per cent in the second quarter of 2024, from 5.3 per cent in the first quarter, the situation in the labour market is probably worse now due to closure of several factories as a result of job losses.
 
Indeed, the causes of this industrial decay are multifaceted. Decades of inconsistent policies, infrastructural deficits, particularly in power and transportation, and a heavy reliance on imports have stifled local manufacturing. The influx of cheap, often substandard, foreign goods has rendered many domestic industries uncompetitive. Further, bureaucratic bottlenecks, corruption, and limited access to finance have exacerbated the situation.
   
However, this bleak picture is not without hope. Nigeria possesses vast natural resources, a burgeoning population, and a resilient entrepreneurial spirit. These assets, if harnessed effectively, can fuel a resurgence of industrial activity. The path to reviving these moribund factories requires a concerted and strategic approach, encompassing several key areas.
  
Firstly, policy consistency and targeted interventions should be a priority for the government. The government must prioritise industrial revitalisation through consistent and predictable policies. This includes implementing targeted incentives, such as tax breaks and subsidies, for industries with high growth potential and strategic importance. Protectionist measures, while controversial, may be necessary in the short term to shield nascent industries from unfair competition.
  
 Secondly, Nigeria is in dire need of infrastructure development. Government addressing the chronic infrastructural deficits is paramount. Investing in reliable power supply, efficient transportation networks, and modern communication infrastructure is essential for creating an environment conducive for industrial growth. Public-private partnerships can play a crucial role in financing and executing these projects.
  
Thirdly, access to finance and technology has become crucial. Many moribund factories are hampered by a lack of access to affordable financing for modernisation and expansion. With the inauguration of the IRWG, the government should facilitate access to credit through specialised development banks and guarantee schemes.
  
Further, promoting technology transfer and innovation is crucial for enhancing competitiveness. Collaboration with international partners and investment in research and development can accelerate this process.
 
Fourthly, streamlining regulatory processes, promoting transparency and combating corruption are central to reviving these moribund companies. Bureaucratic red tape and corruption create significant barriers to investment and hinder industrial growth instead of fostering a business-friendly environment.
  
The Federal Government should prioritise local content, encourage the use of locally sourced raw materials and promote backward integration. This can help stimulate the growth of supporting industries and create a robust value chain to reduce reliance on imports and enhance the resilience of the domestic economy.
  
There is also a need for skills development and vocational training. Equipping the workforce with the necessary skills is crucial for meeting the demands of a modern industrial sector. Investing in vocational training and technical education will ensure a pipeline of skilled workers for revitalised factories.
 
Certainly, the revival of Nigeria’s moribund factories is not a quick fix. It requires a long-term commitment and a multi-pronged approach. However, the potential rewards are immense: job creation, poverty reduction, increased foreign exchange earnings, and a more diversified and resilient economy. By embracing a strategic and collaborative approach, Nigeria can transform these silent giants into engines of economic growth and prosperity, paving the way for a brighter industrial future and a more prosperous citizenry.