February 5, 2026 – The Federal Government has earmarked ₦12.18 million in the 2026 budget to conduct a nationwide assessment of 7,841 moribund industries.
The allocation, housed under the Federal Ministry of Industry, Trade and Investment, is intended for a “Continuous National Survey” to determine the scale of decay within Nigeria’s dormant industrial sector. However, the move has reignited a heated debate among economic stakeholders regarding the government’s continued involvement in failing enterprises.
Stakeholders Push for Privatization
While some experts acknowledge the need for data, many industrial leaders are calling for a definitive exit strategy rather than more surveys.
Manufacturing Association of Nigeria (MAN): Director-General Segun Ajayi-Kadir argued that the government should “stay away” from running industries. He warned that repeatedly spending public funds on non-performing assets is “throwing scarce resources down the drain.”
Small-Scale Industrialists (NASSI): National Vice President Segun Kuti-George suggested that the survey’s only value should be in creating a roadmap for total privatization or concessioning to the private sector.
The “Drainpipe” Concerns
Beyond the survey, the 2026 budget also revealed continued funding for long-standing industrial projects that have struggled to produce results:
₦7.89 billion has been allocated to projects related to the Ajaokuta Steel Company.
₦150.99 million is specifically set aside for the “revitalization” of Ajaokuta and the National Iron Ore Mining Company.
Critics point out that despite decades of infusions, these facilities remain unproductive, with Kuti-George describing them as “drainpipes” for the national economy.
The Goal of the Survey
Supporters of the move argue that the ₦12.18 million exercise is a relatively small investment to quantify the economy’s losses. By understanding why 7,841 firms are currently idle, policymakers hope to identify whether reactivation is possible or if a complete sell-off is the only viable path forward to boost Nigeria’s industrialization drive.
