SIGVENT Industrial Cluster Limited has commended the Federal Government for the launch of the New Nigeria Industrial Plan (NNIP), describing it as a bold policy initiative capable of accelerating industrial cluster development and transforming Nigeria into an export-driven economy.
In a statement issued in Ogbomoso, Oyo State, and signed by its Chief Executive Officer, Benjamin Onigninde, the company said the NNIP aligned with President Bola Ahmed Tinubu’s Renewed Hope Agenda and provided the strategic direction needed to deepen local manufacturing, strengthen value chains, and promote backward integration.
According to the company, the NNIP’s targets of increasing manufacturing’s contribution to Nigeria’s Gross Domestic Product (GDP) to 15 per cent by 2030 and 25 per cent by 2035, alongside the commitment to allocate five per cent of GDP annually to industrial financing and recapitalize the Bank of Industry to ₦3 trillion by 2026, demonstrate the government’s commitment to industrial transformation.
Onigninde described the policy as “exactly what the sector has been waiting for,” noting that its emphasis on industrial clusters, value chain development, and backward integration would enable factories to source local raw materials, guarantee markets for farmers, and create jobs on a large scale.
He said SIGVENT Industrial Cluster was conceived to deliver the objectives of the NNIP by connecting farmers to factories and factories to both domestic and international markets.
According to him, the company’s industrial cluster project in Ogbomoso already serves as a practical model of the new industrial policy, linking 50 enterprises and associated institutions, as well as over 200 verified cooperatives, directly to off-takers.
The company maintained that industrial clusters remain one of the fastest routes to reducing production costs, improving product quality, and enhancing the global competitiveness of Nigerian products.
SIGVENT urged the Federal Ministry of Industry, Trade and Investment to prioritise critical infrastructure such as roads, electricity and storage facilities within industrial clusters, provide single-digit long-term financing for anchor companies and cooperatives, and harmonise standards and incentives to encourage greater private sector investment.
The company expressed optimism that effective implementation of the NNIP would boost food security, conserve foreign exchange, and create up to 10 million jobs across the country.
It also pledged to partner with the Federal Government to establish 10 industrial clusters across Nigeria over the next four years.
Onigninde further commended the Minister of Industry, Trade and Investment, Jumoke Oduwole, for recognising the potential of the SIGVENT Industrial Cluster project, saying her support reflects confidence that the initiative could become one of the largest industrial clusters in Africa.
SIGVENT Industrial Cluster Limited is an agro-industrial development company focused on building market-linked industrial clusters that connect smallholder farmers with processors, off-takers, finance institutions, and export markets.
