The House of Representatives has urged the Federal Government to earmark N350 million in the 2026 budget for the revival of dormant industries and the support of small and medium-sized enterprises (SMEs) nationwide.
This followed the approval of a motion raised by Hon. Akarachi Amadi, representing the Mbaitoli/Ikeduru Federal Constituency of Imo State.
Amadi pointed out that many once-bustling industries across the country have either collapsed or gone idle due to unreliable power supply, high lending rates, and weak infrastructure, resulting in massive job losses and a slowdown in economic growth.
Quoting figures from the National Bureau of Statistics (NBS), he observed that Nigeria’s unemployment rate increased from 25 per cent in 2022 to over 40 per cent in 2025, primarily due to the shutdown of key manufacturing firms.
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“The continued neglect of local industries has increased dependence on imported goods, leading to capital flight, pressure on the naira, and inflation in sectors where we used to be self-sufficient,” Amadi said.
He also warned that the collapse of these industries has worsened insecurity, kidnapping, and other crimes as jobless youths become increasingly frustrated.
The lawmaker listed several idle industries across Nigeria’s six geopolitical zones, including the Katsina Steel Rolling Mill in Katsina State, the National Paper Manufacturing Company in Ogun State, and the Standard Shoe Industry Limited in Imo State. Others are the Taraba Tomato Processing Company, the Idah Glass Company in Kogi State, and the Cross River Wood Processing Plant.
Amadi cautioned that many Nigerian manufacturers are already relocating to nearby countries, such as Ghana, due to poor infrastructure and high production costs.
He emphasised that reviving industries such as the Osogbo Steel Rolling Mill, Osogbo Machine Tools, and the Ceramic Industry in Umuahia would boost local production, reduce import dependence, and create jobs for Nigerians.
After adopting the motion, the House called on the Federal Ministry of Industry, Trade, and Investment to include the N350 million allocation in the 2026 budget to initiate the revival process.
The ministry was also instructed to design a detailed recovery strategy through its Industrial Inspectorate Department to bring back moribund industries across all regions.
Furthermore, the House Committees on Industry and Legislative Compliance were tasked with ensuring execution and submitting a progress report within four weeks for further legislative consideration.
