3 days ago
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.
