The House of Representatives has called on the Federal Government to allocate ₦350 million in the upcoming 2026 budget specifically to revive moribund industries and provide essential support for Small and Medium-sized Enterprises across Nigeria.

This resolution was adopted following a motion moved by Hon. Akarachi Amadi, who represents the Mbaitoli/Ikeduru Federal Constituency of Imo State.

Amadi highlighted the dire situation of Nigeria’s industrial sector, noting that several formerly thriving industries across the country have either collapsed or become inactive due to severe constraints such as poor power supply, cripplingly high interest rates, and weak infrastructure. This industrial collapse has directly led to widespread job losses and accelerated economic decline.

Citing data from the National Bureau of Statistics, he revealed the stark rise in joblessness: Nigeria’s unemployment rate has surged from 25 percent in 2022 to over 40 percent in 2025, a crisis largely attributable to the closure of key manufacturing industries.

The lawmaker emphasized the adverse national consequences of this industrial failure, stating: “The moribund state of local industries has led to an increase in the importation of goods previously produced in Nigeria, causing capital flight, worsening exchange rates, and fueling inflation, especially in sectors where we were once self-reliant.”

He added a critical social dimension, noting that the collapse of local industries has also contributed significantly to rising insecurity, kidnapping, and other social vices, as many unemployed youths turn to crime out of sheer frustration.

Amadi provided a list of key industries across the six geopolitical zones that remain inactive, including the Katsina Steel Rolling Mill in Katsina State, the National Paper Manufacturing Company in Ogun State, and the Standard Shoe Industry Limited in Imo State. Other examples include the Taraba Tomato Processing Company, the Idah Glass Company in Kogi State, and the Cross River Wood Processing Plant.

Amadi warned that some Nigerian manufacturers are already relocating their operations to neighboring countries such as Ghana due to Nigeria’s poor infrastructure and high operating costs.

He stressed that reviving vital industries like the Osogbo Steel Rolling Mill, Osogbo Machine Tools, and Ceramic Industry, Umuahia would fundamentally strengthen Nigeria’s economy, drastically reduce reliance on imports, and create more jobs.

Following the motion’s adoption, the House urged the Federal Ministry of Industry, Trade, and Investment to include the ₦350 million allocation in the 2026 budget to kick-start the revival of these critical industries.