The Nigerian Economic Summit Group (NESG) has identified industrialisation as the most viable path to unlocking Nigeria’s economic potential, warning that without a shift from consumption to production, the country will remain trapped in slow growth and import dependence.
In a statement ahead of the 31st Nigerian Economic Summit (NES #31) scheduled for 6-7 October 2025, in Abuja, the policy think tank said the country’s economic renaissance hinges on building a strong industrial base capable of creating jobs, boosting exports, and driving inclusive prosperity.
“Nigeria has struggled with deindustrialisation, overdependence on imports, and limited value addition in key sectors, NESG said in a statement issued by Ayanyinka Ayanlowo, head of Strategic Communications and Advocacy.
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“Indurialisation offers a strategic solution to these challenges by unlocking the country’s manufacturing potential, enhancing productivity, and strengthening linkages across agriculture, extractives, and services.”
Nigeria’s manufacturing sector has faced years of decline, constrained by poor infrastructure, inconsistent policies, and limited value addition in key industries.
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NESG said reversing this trend requires coordinated action between the government and the private sector to build competitive industries anchored on innovation, local content, and technology adoption.
“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,” the group said.
At the summit, policymakers, business leaders, financiers, and development partners will deliberate on modernising Nigeria’s industrial policy, supporting small and medium enterprises, integrating value chains in agribusiness, mining, and pharmaceuticals, and leveraging Fourth Industrial Revolution technologies.
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The discussions will align with NESG’s three strategic pillars: reforms, resilience, and results, with a focus on improving power supply, streamlining business regulations, facilitating trade, and investing in human capital.
Since 1993, the Nigerian Economic Summit has served as the country’s premier platform for public-private dialogue, producing policy recommendations aimed at steering Nigeria toward sustainable growth.
The 2025 edition, the group said, must lay the foundation for Nigeria’s transformation into West Africa’s industrial powerhouse.
