… Major objectives aimed at achieving a $1trn economy by 2030, for Nigeria to emerge among top 10 economies by 2035
ABUJA, Nigeria — The Raw Materials Research and Development Council (RMRDC), in partnership with Roseate Forte Nig LTD (RFNL), Jordan FM and other critical stakeholders, has unveiled an ambitious roadmap aimed at driving industrialization and economic growth through the development of 774 industrial clusters across Nigeria’s local government areas with two major objectives toward achieving a $1 trillion economy by 2030 and for Nigeria to emerge among the top 10 economies by 2035.
The initiative, known as the Industrial Cluster Development Programme (ICDP) through Local Content Development Beyond Oil (LCDBO), which is a multi-governmental and multi-sectoral programme based on Public-Private Partnership (PPP), is designed to stimulate manufacturing, empower Micro, Small and Medium Enterprises (MSMEs), attract local and foreign investments, and deepen local content development beyond oil, but with gas development.
According to the roadmap document, the programme will be supervised by a 10-member National Steering Committee chaired by the Director-General of RMRDC and the National Coordinator. A joint RMRDC-RFNL secretariat is also expected to be established to coordinate implementation and ensure effective nationwide project monitoring.
In a statement by the Council’s Director-General, Prof. Nnanyelugo Ike-Muonso, the initiative will help to activate the Nigerian economy in a very significant way.
“When you have [industrial] clusters across the 774 local government areas in Nigeria, you have activated the economy in a very significant way,” Prof. Ike-Muonso said.
Part of the initiative’s implementation strategy includes securing President Bola Tinubu’s support and approval for establishing a Presidential Committee on the 774 Industrial Clusters Development Programme, as well as seed funding for MSMEs.
The document also revealed plans to explore the establishment of a Venture Bank with private sector participation. Joint engagements with the Central Bank of Nigeria (CBN), the Ministry of Finance, and the Presidency are expected to facilitate the process.
On his part, the National Coordinator of the initiative, Dr. Lanre Johnson, stated that the programme will enable the country to turn every local government into an industrial and economic hub that will warehouse 5000 clusters per local government, representing 80 percent of the hub and 20 percent large businesses. The industrial hubs will be replicated across all 774 LGAs in due time, with the active participation of the 36 States, including FCT, productive MDAs, Organized Private Sectors, informal businesses, local and foreign developing institutions. The initiative will provide greater participation and inclusion for women-led businesses and youth.
“The programme will enable the country to turn every local government into an industrial hub that will warehouse each cluster per local government. And in line with the objectives, the initiative has been designed in such a way that one MSME will be able to generate over ₦80m annually,” he said.
To fund the programme, the partners are targeting $100 billion in investments by 2030 through the Special Industrial Cluster Investment Programme (SICIP). The funding sources and investment will include equity contributions from various partners, intervention funds, sovereign bonds, counterpart funds, blended finance from development institutions such as the Bank of Industry (BOI), Africa Development Bank, and Islamic Development Bank, and local and foreign investors.
The roadmap outlined that implementation has started from the Southwest Leather Processing Clusters in Lagos for the southwest region, in partnership with the Nigerian Institute of Leather and Science Technology (NILEST) and other key stakeholders, such as BOI and AfDB. The industrial clusters programme across the non-oil sector, plus gas will continue across other States and regions until all 36 States and the FCT and the entire 774 local government areas are covered. Activities will include stakeholder engagements, policy reforms, entrepreneurship development, skills acquisition programmes, One Product One Local Government for industrial and economic development, One Stop Shop Export, and project monitoring and evaluation, etc.
Officials stated that the programme would leverage the Local Content Development Beyond Oil (LCDBO) model to ensure sustainability and economic inclusiveness.
The Special Industrial Cluster Investment Programme (SICIP 3.0) is scheduled to hold on November 25, 2026, while launch dates for other regions and states will be announced subsequently.
The roadmap further disclosed that investment inflows will come in various forms, including cash contributions, land, barter arrangements, counterpart funding, capital goods, equity financing, debt financing, technology transfer, innovation partnerships, and forward buying agreements.
Stakeholders believe the initiative could significantly boost Nigeria’s industrial capacity, create jobs, strengthen regional economies, and position the country as a major manufacturing hub in Africa.
