Industrialisation: The Key to Nigeria’s Economic Transformation – NESG
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| Industrialisation: The Key to Nigeria’s Economic Transformation – NESG |
The Nigerian Economic Summit Group (NESG) has emphasised that industrialisation is the most critical driver of Nigeria’s long-term economic growth and prosperity. This call comes ahead of the 31st Nigerian Economic Summit, scheduled to take place in Abuja on October 6–7, 2025.
Themed “Driving Industrialisation-led Growth”, the summit aims to position Nigeria on the path of production-driven economic transformation and away from its current consumption-heavy structure.
According to Ayanyinka Ayanlowo, Acting Head of Strategic Communication and Advocacy at NESG, Nigeria’s future prosperity depends on transitioning from a consumption-based economy to one powered by large-scale production and value addition.
“Nigeria’s path to prosperity hinges on its ability to transition from a consumption-driven to a production-based economy,” the NESG noted.
Why Industrialisation is Critical for Nigeria
Nigeria, despite its large population and abundant natural resources, has struggled with:
- Deindustrialisation
- Overdependence on imports
- Limited value addition in critical sectors such as agriculture, mining, and manufacturing
The NESG believes industrialisation is the strategic solution to these issues, as it can unlock the country’s manufacturing potential, boost productivity, and strengthen linkages across agriculture, extractives, and services.
For more details on Nigeria’s industrial challenges, visit the National Bureau of Statistics reports on manufacturing growth trends.
Key Focus Areas of the 31st Nigerian Economic Summit
The 2025 summit will bring together industry leaders, policymakers, entrepreneurs, and investors to deliberate on building globally competitive industries through innovation and local content development.
Some of the focus areas include:
- Revamping Nigeria’s Industrial Policy to align with global best practices.
- Supporting SMEs through targeted incentives and reduced bureaucratic bottlenecks.
- Developing strong value chains in agriculture, manufacturing, and technology.
- Leveraging technology and innovation for industrial competitiveness.
- Improving access to finance for industrial growth.
If you’re interested in participating, visit the NESG official website for registration and programme details.
Reforms Needed to Drive Industrial Growth
To achieve sustainable industrialisation, NESG has called for comprehensive reforms to Nigeria’s regulatory and infrastructure systems. These reforms include:
- Modernising industrial strategies to match evolving global trends.
- Streamlining business processes to attract both local and foreign investments.
- Improving power supply and energy infrastructure.
- Facilitating trade through simplified import/export regulations.
- Investing in skills development to meet industrial labour demands.
The NESG reiterated that industrialisation is more than building factories — it’s about creating a national ecosystem of productivity where skilled labour, reliable infrastructure, access to finance, and supportive policies combine to generate wealth and jobs.
The Role of Public-Private Partnerships
NESG believes that the success of Nigeria’s industrial drive depends on collaborative efforts between the public and private sectors. The upcoming summit will be a platform for stakeholders to:
- Commit to meaningful policy reforms.
- Form strategic partnerships for industrial growth.
- Build resilient supply chains that can withstand global economic shocks.
For more on how public-private collaboration works in Nigeria, see this CBN policy brief on industrial development.
Conclusion
The 31st Nigerian Economic Summit presents a golden opportunity for Nigeria to reset its economic direction and embrace industrialisation-led growth. By implementing targeted reforms, supporting SMEs, and fostering innovation, Nigeria can emerge as the industrial powerhouse of West Africa.
Stakeholders, policymakers, and business leaders are expected to use this summit as a springboard for concrete action—ensuring that industrialisation not only drives GDP growth but also creates sustainable jobs, wealth, and opportunities for millions of Nigerians.
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