The Federal Government has said Nigeria must pursue rapid economic expansion and productivity gains to meet the needs of its fast-growing population and achieve the administration’s ambition of building a one trillion-dollar economy.
This was disclosed by the Special Adviser to the President on Trade and Investment, Mr. John Uwajumogu, during an engagement with the Nigerian Guild of Editors in Lagos, led by the Minister of State for Industry, Trade and Investment, Senator John Owan Enoh.
Uwajumogu said Nigeria’s current economic growth rate of between three and four per cent remains inadequate for a country with a large and youthful population projected to grow significantly in the coming decades. He stressed that achieving sustainable prosperity would require high or double-digit growth rates driven by productivity and industrial expansion.
He explained that the newly introduced industrial policy framework represents a departure from previous initiatives such as Vision 2020 and the Economic Recovery and Growth Plan, which were hampered by weak implementation structures. According to him, the new policy is designed with strong accountability mechanisms and collaborative frameworks to ensure effective execution.
Uwajumogu noted that the policy is built on a “Policy to Productivity” approach, aimed at translating government strategies into measurable economic outcomes through increased industrial output, competitiveness, and enhanced productivity across sectors.
He further disclosed the establishment of an Industrial Revolution Working Group, which will serve as a coordination platform for government agencies, private sector players, and other stakeholders to drive implementation and monitor progress.
The presidential adviser underscored the critical role of the media in tracking policy execution and holding stakeholders accountable, noting that economic transformation requires collective effort across public and private sectors.
He called on all stakeholders to support the implementation process, stressing that sustained collaboration, transparency, and accountability would be essential to achieving the administration’s economic vision and delivering tangible benefits to Nigerians.