RIYADH: Countries around the world are strengthening their industrial strategies, seeking new investment opportunities and revitalizing their manufacturing, infrastructure and technology sectors.
On the sidelines of the Global Industry Summit in Riyadh, part of the 21st session of the United Nations Industrial Development Organization Conference, Nigeria’s Minister of State for Industry, Federal Ministry of Industry, Trade and Investment, John Owan Henoh, spoke to Arab News about the country’s priorities and growth goals.
“Our main interest is to diversify the economy beyond dependence on oil to other sources of income and value addition,” he said.
Mr Henoh explained that President Bola Ahmed Tinubu’s eight presidential priority areas from 2023 to 2027 guide the areas that the government is prioritizing for industrial development. Beyond industrial goals, these priorities include strengthening agriculture and food security, energy and natural resources, and transportation and infrastructure.
Mr. Hinault highlighted Nigeria’s new industrial policy, announced at the 31st Nigeria Economic Summit in October, as a framework to drive these efforts. The policy aims to reverse decades of underinvestment and import dependence, create more jobs, strengthen manufacturing and foster inclusive growth. We are working on initiatives such as expanding domestic production, increasing added value through local supply chains, and supporting small and medium-sized enterprises.
It also integrates new technologies and green industrialization to address challenges such as affordable finance.
“Nigeria is a very big country and we are very blessed. We have a large population and we are very young, so there are opportunities,” said Enoh.
Nigeria’s population is over 237.5 million people, with a median age of 18.1 years and approximately 58 percent under 30 years of age. Mr. Hainaut emphasized that the country’s food demand is substantial, reflecting its important agricultural market.
He said the government is focusing on industrial hubs, special economic zones and industrial agglomerations to optimize infrastructure, energy and other shared services. Renewable energy and petrochemicals are also key focus areas and are considered essential to revitalizing manufacturing and spurring public investment.
Nigeria’s GDP grew by 4.23%, marking the strongest quarterly performance in four years and slightly ahead of government forecasts. Once stability is achieved, attention shifts to innovation.
The minister discussed large-scale infrastructure projects aimed at strengthening trade capacity, including the Lagos-Calabar Coastal Highway, a 700-kilometer corridor scheduled to open in December, and the Sokoto-Badagry Expressway, which is over 1,000 kilometers long.
“Nigeria is ready,” he said, hinting at the country’s readiness to expand its industrial footprint.
The African Continental Free Trade Area (AfCFTA) is a market of more than 1.3 billion people and a total GDP of approximately $3.4 trillion.
“Nigeria not only wants to be at the forefront of AfCFTA, but we also want to play a leadership role…(We are) interested in becoming a hub on the continent.”
The delegation’s participation in UNIDO exemplifies Nigeria’s commitment to growth through cooperation.
“As a country, no matter how big we are or what results we achieve, we need partnerships for progress and development.”
Mr. Hainaut emphasized that while domestic capital is important, foreign investment is also essential.
“The Global Industry Summit provides a great platform of this kind to participate and see what we can take home as citizens.”
Saudi Arabia’s Minister of Industry and Mineral Resources Bandar Alkhorayev also reiterated the importance of Riyadh as a hub for industrial dialogue.
“When we announced our 2030 vision and strategy, many people were actually wondering about this same thing (industrial capacity).”
“If you look at Saudi Arabia, you see a great combination of factors that make us very well-suited for this kind of position.”
Alkhorayev highlighted Saudi Arabia’s natural resources, including oil, gas, petrochemicals and minerals, as well as its strategic location, which provides access to multiple continents and markets. He added that financial and political stability and a strong investment environment form the secret to the industry’s success.
“But the most important asset we have is our people,” the minister said. “It’s very difficult to find something with this strength.”
The recent influx of foreign projects and partnerships into Saudi Arabia highlights the kingdom’s growing role in global supply and value chains.
The minister said the summit aims to expand the global impact of industrial investment through international cooperation.
“If you look back at the past 50 years, if you go to a city like Jubail today, 50 years ago it was a desert, but now it’s a vibrant city,” he said, highlighting the world’s largest petrochemical cluster.
Saudi Arabia’s mining sector has undergone similar developments, with Waad al-Shamal transforming from a small village into a major industrial city and Saudi Arabia becoming the world’s second largest producer of phosphate fertilizers.
“Saudi Arabia’s ambition is to have an impact, and we want to create more value added domestically, rather than just exporting raw materials. That will have a positive impact on growth, opportunity creation and employment opportunities for our people, as well as investment opportunities.”
Saudi Arabia is actively attracting new technologies and ideas to suit its young, educated population, and its commitment to a green economy is progressing rapidly.
“For example, in 2030, we will have 50 percent (renewable power generation). If you look at the number and volume of projects, you will see that it will actually happen.”
Mr. Alkhoraev highlighted the NEOM Green Hydrogen Plant, a joint venture with ACWA Power and Air Products, which is one of the world’s largest hydrogen facilities and said it is expected to produce 600 tons of green hydrogen daily. Another project in Yanbu, in collaboration with ACWA Power and Germany’s EnBW, is expected to produce 400,000 tonnes per year by 2030.
“We’re also very mindful that if we don’t have a green energy source, we’re going to lose a lot of investment in the future. If we do mineral processing, we get most of our investment if we have that solution.”
He added that UNIDO demonstrates Saudi Arabia’s bold vision for industrialization and its potential to influence other countries.
“A lot of what we’re building in Saudi Arabia needs to be exported. And we need to consider who our customers are and who our long-term partners are.”
