House of Reps Moribund Industries Revival gains momentum as lawmakers demand N350m in 2026 budget to restore SMEs and reduce job losses nationwide.
House of Reps Moribund Industries Revival efforts have received fresh momentum as lawmakers called on the Federal Government to allocate ₦350 million in the 2026 national budget for the revival of long-abandoned industries and support for small and medium-sized enterprises (SMEs) across Nigeria.
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The resolution followed a motion by Hon. Akarachi Amadi, representing Mbaitoli/Ikeduru Federal Constituency of Imo State, during a plenary session last week.
Amadi warned that the collapse of once-thriving industries across the country is fuelling mass unemployment, worsening inflation, and forcing local manufacturers to relocate abroad.
Quoting recent data from the National Bureau of Statistics, he noted that Nigeria’s unemployment rate has jumped from 25% in 2022 to over 40% in 2025, largely due to the closure of key manufacturing hubs.
“The moribund state of local industries has led to an increase in imported goods, capital flight, a weakening naira, and deeper inflation. Industries that once made Nigeria self-reliant are now silent,” Amadi stated passionately.
He added that the socio-economic toll of factory closures extends beyond economics. “With no jobs, many youths have turned to crime, driving insecurity, kidnapping, and other vices.”
Amadi listed several dormant factories across the six geopolitical zones. These include the Katsina Steel Rolling Mill, National Paper Manufacturing Company in Ogun, Standard Shoe Industry in Imo, and Idah Glass Company in Kogi. Others are the Taraba Tomato Processing Company and the Cross River Wood Processing Plant.
He also raised alarm that some Nigerian manufacturers are already relocating operations to Ghana due to prohibitive power costs, high-interest rates, and poor infrastructure at home.
According to Amadi, reviving strategic industries such as Osogbo Steel Rolling Mill, Osogbo Machine Tools, and Ceramic Industry Umuahia would not only reduce import dependence but also create thousands of jobs and restore economic confidence.
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The House unanimously adopted the motion and urged the into the 2026 budget. Lawmakers believe this fund could serve as a powerful catalyst to kick-start industrial rejuvenation across the nation
