The federal government has disclosed plans to allocate N800 billion to the agro-processing and renewable energy sectors under the national industrial policy 2025.
The government announced the plan in the ‘national industrial policy’ report, launched by the ministry of trade, industry, and investment, on Tuesday.
According to the report, the government intends to set aside 3 percent to 5 percent of gross domestic product (GDP) annually toward industrial development financing.
The report said the government targets allocation of sector-specific credit quotas, such as N500 billion for agro-processing and N300 billion for renewable energy.
Also, the government said it is reinforcing and recapitalising domestic development finance institutions (DFIs) — in collaboration with continental and international DFIs — to address industries’ long-term funding needs at single-digit interest rates through strategic policy actions.
