Nigeria's Minister: Rebased Economy Must Drive Industrial Growth, Not Just Statistical Size

Senator John Owan Enoh, the Minister of State for Industry and Chairman of the Industrial Revolution Work Group, emphasized in Lagos that Nigeria must convert its newly calculated economic size into tangible industrial progress. The government recently restated the country's GDP from N372.8 trillion to reflect rising asset values. While this rebasing expanded the statistical measurement, Enoh noted it did not alter the underlying productive structure. Manufacturing currently generates less than 10 percent of output, whereas services account for more than half. He warned that a larger economy on paper holds no value without stronger industrial infrastructure and job creation. Speaking at the group's second technical session, Enoh argued that nations do not industrialize by accident or through natural resources alone. Instead, they achieve progress through decisive government action followed by consistent daily implementation of policies. He described the next decade as an execution phase where leaders must avoid unglamorous but necessary work to build real capacity rather than just a bigger mirror of wealth.