RIYADH: Countries around the world are ramping up their industrial strategies, aiming to boost manufacturing, infrastructure, and technology sectors while exploring new investment opportunities.
On the sidelines of the Global Industry Summit in Riyadh, part of the 21st session of the UN Industrial Development Organization conference, Nigeria’s Minister of State for Industry, Federal Ministry of Industry, Trade and Investment, John Owan Enoh, spoke to Arab News about his country’s priorities and growth targets.
“Our key interest is to diversify the economy, beyond our dependence on oil to other revenue sources and value addition,” he said.
President Bola Ahmed Tinubu’s Eight Presidential Priority Areas for 2023–2027 guide the sectors the government is prioritizing for industrial development, Enoh explained. Beyond industrial ambitions, these priorities include agriculture and food security, energy and natural resources, and enhanced transportation and infrastructure.
Enoh highlighted Nigeria’s new industrial policy, unveiled at the 31st Nigerian Economic Summit in October, as the framework driving these efforts. The policy aims to reverse decades of underinvestment and import dependence, create more jobs, strengthen the manufacturing sector, and foster inclusive growth. Initiatives include expanding domestic production, increasing value addition through local supply chains, and supporting small and medium enterprises.
It will also integrate new technologies and green industrialization to address challenges such as affordable finance.
“Nigeria is a very huge country, hugely blessed. We have a huge population that is also very youthful, so we have opportunities,” Enoh said.
Nigeria has a population exceeding 237.5 million, with a median age of 18.1 and nearly 58 percent under 30 years old. Enoh emphasized that the country’s food demands are substantial, reflecting a significant agricultural market.
He noted that the government is focusing on industrial hubs, special economic zones, and clustering industries to optimize infrastructure, energy, and other shared services. Renewable energy and petrochemicals are also key areas of focus, considered vital for mobilizing manufacturing and boosting public investment.
Nigeria’s GDP grew by 4.23 percent, marking the nation’s strongest quarterly performance in four years and slightly exceeding government projections. With stability achieved, attention is shifting toward innovation.
The minister discussed large-scale infrastructure projects designed to enhance trade capabilities, including the Lagos–Calabar Coastal Highway, a 700-kilometer corridor scheduled to open in December, and the Sokoto–Badagry Super-Highway, over 1,000 kilometers in length.
“Nigeria is ready,” he said, signaling the country’s readiness to scale up its industrial footprint.
The African Continental Free Trade Area (AfCFTA) presents a market of over 1.3 billion people with a combined GDP of roughly $3.4 trillion.
“Nigeria is not just at the forefront of AfCFTA, Nigeria also wants to play a leadership role… (we are) interested in becoming the continental hub.”
The delegation’s participation at UNIDO exemplifies Nigeria’s commitment to growth through collaboration.
“As a country, no matter how big we are, no matter what results you get, you still need partnerships—for progress and development.”
Enoh stressed that while domestic capital is critical, foreign investment will be essential.
“The Global Industrial Summit provides that kind of excellent platform to engage and to be able to see what one can take home as a people.”
Saudi Arabia’s Minister of Industry and Mineral Resources, Bandar Alkhorayef, echoed the importance of Riyadh as a hub for industrial dialogue.

Saudi Arabia’s Minister of Industry and Mineral Resources, Bandar Alkhorayef. AN photos by Abdulrahman bin Shalhoub.
“A lot of people, when we launched our vision 2030 and our strategy, were actually questioning this same thing (industrial capabilities).”
“If you look at Saudi Arabia, there’s a great combination of factors that make us very eligible for this kind of position.”
Alkhorayef highlighted the Kingdom’s natural resources—including oil, gas, petrochemicals, and minerals—along with its strategic location providing access to multiple continents and markets. He added that monetary and political stability, along with a strong investment environment, form a recipe for industrial success.
“However, the most important asset that we have is our people,” the minister said. “It’s very hard to find a combination of this strength.”
The recent influx of foreign projects and partnerships in Saudi Arabia underscores the Kingdom’s growing role in global supply and value chains.
The minister noted that the summit aims to amplify the global impact of industrial investments through international cooperation.
“If we look at our history in the last 50 years, if you go today to cities like Jubail, it was a desert 50 years ago, and now it's a vibrant city,” he said, highlighting the world’s largest petrochemicals cluster.
Saudi Arabia’s mining sector has seen similar development, with Wa’ad Al-Shamal transforming from a small village into a major industrial city, making the Kingdom the second-largest producer of phosphate fertilizers globally.
“The Saudi ambition is to have an impact. And rather than just export raw materials, we would like to have more and more value addition within the country, which will have a positive effect on… the growth of our people, creating opportunities, job opportunities, but also investment opportunities.”
The Kingdom is actively attracting new technologies and ideas suited to its young, educated population, while green economy initiatives are advancing rapidly.
“For example, in 2030, we will have 50 percent (electricity generation from renewables). And if you look at the numbers and the amount of projects, you can actually realize this is going to happen.”
Alkhorayef highlighted the NEOM green hydrogen plant, a joint venture with ACWA Power and Air Products, one of the world’s largest hydrogen facilities, expected to produce 600 tonnes of green hydrogen daily. Another project in Yanbu, in collaboration with ACWA Power and Germany’s EnBW, is expected to produce 400,000 tonnes annually by 2030.
“We are very mindful also that without having a green source of energy, we will be losing a lot of investments in the future—if we take mineral processing, most of the investments will come if you have that solution.”
He added that UNIDO showcases the Kingdom’s bold vision for industrialization and its potential to influence other nations.
“Many of the things that we are building in Saudi Arabia will have to be exported. And we need to look at who our customers are, who our long-term partners are.”




“A big share of Saudi Arabia’s electricity is generated from renewables and more projects are connected to the grid each year. This shift changes how the electricity grid is managed on a day-to-day basis,” Saeed Al-Zahrani, general manager of data enterprise storage leader NetApp in Saudi Arabia, told Arab News.








