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Zawya
2 days ago
- Business
- Zawya
Industrialisation-led growth necessary for Nigeria's economic resurgence — NESG
The Nigerian Economic Summit Group (NESG) has invited stakeholders to chart a bold, new course for Nigeria's industrialisation and economic future, as the country gears up for the 31st Nigerian Economic Summit (NES #31). The spotlight will focus on a critical lever for economic transformation: Driving Industrialisation-led Growth. The NESG said this sub-theme, central to this year's discourse, reinforces the urgent need to revitalise Nigeria's industrial base as a pathway to sustainable development, job creation, export competitiveness, and inclusive prosperity. According to the NESG, with the Summit scheduled to hold from October 6–7, 2025, at the Transcorp Hilton Hotel, Abuja, Nigeria's path to prosperity hinges on its ability to transition from a consumption-driven to a production-based economy. It added that despite its large population and abundant natural resources, Nigeria has struggled with deindustrialisation, overdependence on imports, and limited value addition in key sectors. 'Industrialisation offers a strategic solution to these challenges by unlocking the country's manufacturing potential, enhancing productivity, and strengthening linkages across agriculture, extractives, and services,' the NESG stated. It pointed out that through this sub-theme, NES #31 will convene industry leaders, policymakers, financiers, development partners, and entrepreneurs to examine how Nigeria can build globally competitive industries anchored in innovation, local content development, and enabling infrastructure. 'It will also explore how industrial policy can be better aligned with market realities, technological trends, and Nigeria's demographic advantage,' it further noted. Under the sub-theme, the NESG said the focus areas will cover 'The discussions under Driving Industrialisation-led Growth will centre on: Revamping Industrial Policy: Reviewing and modernising Nigeria's industrial strategies to reflect contemporary global and regional trends, including the AfCFTA and digital transformation. SME Competitiveness: Supporting small and medium enterprises (SMEs) as engines of innovation, job creation, and industrial diversification. Value Chain Development: Promoting backwards and forward integration, especially in agribusiness, mining, and pharmaceuticals, to maximise local content and export potential. Technology and Innovation: Leveraging Fourth Industrial Revolution technologies to scale productivity and competitiveness in manufacturing. Access to Finance: Catalysing private sector investment and innovative financing mechanisms to unlock capital for industrial growth'. Delving into the pillars for progress: Reforms, Resilience, Results, the NESG highlighted: 'Guided by the NES #31 strategic pillars—Reforms, Resilience, and Results—this sub-theme will stress the importance of reforming Nigeria's regulatory and infrastructure landscape to enable industrial take-off. From streamlined business processes and improved power supply to trade facilitation and skills development, Nigeria must build resilient systems that deliver tangible results. Industrialisation is not just about factories—it is about creating a national ecosystem of productivity, where skilled labour, reliable infrastructure, access to finance, and supportive policies work together to generate wealth and economic opportunities for millions'. Calling for coordinated action, the NESG said, 'the journey to industrialisation requires more than rhetoric—it demands intentional collaboration across the public and private sectors. NES #31 presents a unique opportunity for stakeholders to forge partnerships, commit to reform implementation, and co-create a future where Nigeria becomes the industrial powerhouse of West Africa. 'Through robust dialogue and shared accountability, the Summit will inspire actionable strategies that move Nigeria beyond resource dependence towards a diversified, innovation-led economy that works for all.' The Nigerian Economic Summit Group (NESG) is Nigeria's leading private sector think tank and policy advocacy organisation; since 1993, it has promoted inclusive economic growth through evidence-based research, stakeholder engagement, and its flagship annual Nigerian Economic Summit—Nigeria's foremost platform for public-private dialogue.
Zawya
06-08-2025
- Business
- Zawya
Nigeria: NESG pre-summit dialogue charts roadmap to industrialisation through oil, gas sector
The Nigerian Economic Summit Group (NESG) on Tuesday convened a high-level Pre-Summit Dialogue themed Unlocking Industrial Growth Series: The Evolving Oil and Gas Ecosystem', setting the tone for its upcoming 31st Nigerian Economic Summit (NES #31). The NESG pre-summit dialogue brought together top policymakers, private sector leaders, and academic experts to explore how Nigeria's oil and gas sector can catalyse industrialisation, innovation, and inclusive development. Private Sector Co-Chair of the NESG Industrial Policy Commission, Mansur Ahmed, described the dialogue as both timely and strategic. 'As Nigeria's reform agenda advances, today's discussion is essential to charting a path that transforms our oil wealth into sustainable industrial growth,' he said in his opening remarks. Despite being Africa's largest oil producer, Nigeria lags in industrial competitiveness. Highlighting this concern, Mr. Kelvin Emmanuel, Thematic Lead of the NESG Oil and Gas Thematic Group, noted that Nigeria ranks 8th on the 2024 African Industrialisation Index and 98th globally on the UNIDO Competitive Industrial Performance Index. 'With a manufacturing value added per capita of just $216, far below South Africa's $645 and Egypt's $524, Nigeria's oil wealth has sustained an extractive development model instead of fueling technology-driven industrialisation,' he observed. Ahmed called for urgent reforms that align with the Petroleum Industry Act (PIA) and continental initiatives like the African Union's Agenda 2063 to reverse the trend. Ms. Laura Ani, Senior Researcher at the Nigerian Institute of Advanced Legal Studies, said Nigeria stands at a turning point. 'We must shift from merely earning oil revenue to using it as a foundation for industrial transformation. This means linking resource management to coordinated innovation and industrial policy,' she argued. Adding an academic lens, Dr. Aminu Abdullahi Isyaku, Head of the Geology and Mining Department at the University of Abuja, emphasised the need for a 'Triple Helix Model', structured collaboration among government, industry, and academia. 'Research and Development is no longer optional. Deepening local content and aligning academic curricula with industry demands are essential for creating value-added industries,' he noted. From the private sector, Mrs. Funmi Ogbue, CEO of Zigma Limited, pointed to global best practices. Citing Norway as a model, she underscored the importance of stable policies, long-term contracts, Research and Development investments, and export-driven strategies. 'We need consistent, integrated public-private collaboration. Short-term or politically driven efforts will not deliver the transformation Nigeria urgently needs,' she warned. Regulatory insights were provided by Dr. Taiwo Ogunleye, Associate Professor at the Nigerian Institute of Advanced Legal Studies, who stressed that implementation, not legislation, is the real challenge. 'The Petroleum Industry Act already contains the tools for transformation. Full enforcement of provisions on indigenous participation, licensing, R&D, and infrastructure is key,' he noted. At the end of the session, stakeholders agreed that aligning this vision with frameworks like the African Continental Free Trade Area (AfCFTA) would be critical to unlocking long-term prosperity. The session also concluded with a unified commitment to pushing for a robust, innovation-led industrial policy anchored on Nigeria's oil and gas assets. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
