The House of Representatives has called on the Federal Government to earmark ₦350 million in the 2026 national budget to revive moribund industries and boost small and medium-sized enterprises (SMEs) across Nigeria.
The resolution followed the adoption of a motion moved by Hon. Akarachi Amadi, representing the Mbaitoli/Ikeduru Federal Constituency of Imo State.
Amadi lamented the collapse of several once-thriving industries nationwide, attributing it to poor power supply, high interest rates, and weak infrastructure, which have collectively led to massive job losses and economic stagnation.
Citing data from the National Bureau of Statistics (NBS), the lawmaker noted that Nigeria’s unemployment rate has surged from 25% in 2022 to over 40% in 2025, largely due to the shutdown of key manufacturing and industrial facilities.
“The moribund state of local industries has triggered increased importation of goods previously produced in Nigeria, leading to capital flight, a weaker exchange rate, and heightened inflation in sectors where we were once self-sufficient,” Amadi said.He further warned that the closure of factories has contributed to rising insecurity and social unrest, as many unemployed youths resort to crime out of economic frustration.
Amadi identified several defunct or underperforming industries across the country, including:
- Katsina Steel Rolling Mill (Katsina State)
- National Paper Manufacturing Company (Ogun State)
- Standard Shoe Industry Limited (Imo State)
- Taraba Tomato Processing Company (Taraba State)
- Idah Glass Company (Kogi State)
- Cross River Wood Processing Plant (Cross River State)
He expressed concern that some manufacturers are relocating to neighboring countries such as Ghana, citing Nigeria’s high operating costs and inadequate infrastructure as major deterrents to investment.
According to the lawmaker, reviving key industries such as the Osogbo Steel Rolling Mill, Osogbo Machine Tools, and the Ceramic Industry in Umuahia would enhance Nigeria’s industrial base, reduce import dependency, and create thousands of jobs.
Following deliberations, the House resolved to urge the Federal Ministry of Industry, Trade and Investment to incorporate the proposed ₦350 million allocation in the 2026 Appropriation Bill to kick-start the rehabilitation of moribund industries nationwide.