The House of Representatives has urged the Federal Government to earmark ₦350 million in the 2026 national budgetto revive moribund industries and boost small and medium-sized enterprises (SMEs) across the country.
This resolution followed the adoption of a motion sponsored by Hon. Akarachi Amadi, representing Mbaitoli/Ikeduru Federal Constituency of Imo State. Amadi lamented that many once-thriving industries across Nigeria have become inactive or collapsed due to poor electricity supply, high interest rates, and decaying infrastructure — factors that have triggered massive job losses and economic decline.
Citing data from the National Bureau of Statistics (NBS), the lawmaker noted that Nigeria’s unemployment rate surged from 25 percent in 2022 to over 40 percent in 2025, largely because of the shutdown of key manufacturing firms.
“The moribund state of our local industries has increased the importation of goods once produced domestically, causing capital flight, worsening exchange rates, and fueling inflation in sectors where Nigeria used to be self-reliant,” Amadi stated.
He added that the collapse of industries has deepened insecurity across the nation, as unemployed youths increasingly resort to crime, kidnapping, and other social vices.
Amadi identified several dormant industries spread across the six geopolitical zones, including the Katsina Steel Rolling Mill (Katsina State), National Paper Manufacturing Company (Ogun State), Standard Shoe Industry Limited (Imo State), Taraba Tomato Processing Company, Idah Glass Company (Kogi State), and the Cross River Wood Processing Plant.
He expressed concern that some Nigerian manufacturers are relocating to neighbouring countries like Ghana, citing lower operational costs and better infrastructure.
According to him, reviving critical industries such as the Osogbo Steel Rolling Mill, Osogbo Machine Tools, and Ceramic Industry, Umuahia, would help strengthen Nigeria’s economy, reduce dependence on imports, and create sustainable jobs for the growing population.
Following the motion’s adoption, the House directed the Federal Ministry of Industry, Trade and Investment to ensure that the ₦350 million allocation is included in the 2026 budget to initiate the rehabilitation of the affected industries.
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