Reps demand ₦350m for revival of SMEs
The House of Representatives has urged the Federal Government to allocate ₦350 million in the 2026 budget to revive dormant industries and support Small and Medium-sized Enterprises (SMEs) nationwide. This resolution follows a motion by Hon. Akarachi Amadi, representing Mbaitoli/Ikeduru Federal Constituency of Imo State.Amadi highlighted the dire state of Nigeria's industrial sector, citing challenges like poor power supply, high interest rates, and weak infrastructure that have led to widespread job losses and economic decline. According to the National Bureau of Statistics, unemployment rates have risen from 25% in 2022 to over 40% in 2025, largely due to industrial closures.
The lawmaker emphasized the adverse effects of industrial failure, including increased importation, capital flight, exchange rate volatility, and inflation. He also linked the collapse of local industries to rising insecurity, kidnapping, and other social vices.
Amadi listed several inactive industries across the six geopolitical zones, including the Katsina Steel Rolling Mill, National Paper Manufacturing Company, and Standard Shoe Industry Limited. He warned that some manufacturers are relocating to neighboring countries like Ghana due to Nigeria's poor infrastructure and high operating costs.
The House has urged the Federal Ministry of Industry, Trade, and Investment to include the ₦350 million allocation in the 2026 budget to revive critical industries and stimulate economic growth, create jobs, and reduce reliance on imports.
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