The House of Representatives has called on the Federal Government to set aside ₦350 million in the 2026 national budget to revive moribund industries and strengthen small and medium-sized enterprises (SMEs) across the country.
The resolution followed the adoption of a motion moved by Hon. Akarachi Amadi, representing the Mbaitoli/Ikeduru Federal Constituency of Imo State, during plenary on Monday.
Presenting the motion, Amadi noted that many once-thriving industries across Nigeria have collapsed due to poor infrastructure, inconsistent policies, and limited access to financing, leading to massive job losses and reduced economic productivity.
He stressed that revitalising such industries and empowering SMEs would not only boost employment but also stimulate domestic production, enhance exports, and reduce the nation’s dependence on imported goods.
Nigeria’s economic revival depends largely on our ability to restore our industrial base and empower small and medium enterprises. A strategic budgetary intervention will help resuscitate dormant industries and unlock new opportunities for growth,” Amadi said.
The lawmaker further urged the Ministries of Industry, Trade, and Investment; Finance; and Budget and Economic Planning to collaborate with relevant agencies and stakeholders in identifying key industries with high potential for revival.
Contributing to the debate, several lawmakers backed the motion, noting that the manufacturing and SME sectors remain critical to national development and poverty reduction.
Following deliberations, the House resolved to urge the Federal Government to include the ₦350 million allocation in the 2026 Appropriation Bill and ensure transparent implementation of the initiative.
The motion was subsequently referred to the Committees on Industry, Finance, and Appropriations for further legislative action.
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