The Nigerian Economic Summit Group (NESG) has said that industrialisation is the key to Nigeria’s economic growth and long-term prosperity. This comes as preparations intensify for the 31st Nigerian Economic Summit, which will take place from October 6 to 7, 2025, at the Transcorp Hilton Hotel in Abuja.
According to the NESG, the summit will focus on the sub-theme Driving Industrialisation-led Growth as part of strategies to transform the nation’s economy. The group emphasised that Nigeria must shift from being a consumption-driven economy to one that is production-based if it wants to achieve lasting development.
The Acting Head of Strategic Communication & Advocacy at NESG, Ms. Ayanyinka Ayanlowo, said in a statement on Tuesday that despite Nigeria’s large population and abundant natural resources, the country is still facing economic setbacks caused by deindustrialisation, overdependence on imports, and limited value addition in major sectors. She stressed that industrialisation is a strategic solution to these problems.
“Nigeria’s path to prosperity hinges on its ability to transition from a consumption-driven to a production-based economy. Industrialisation will unlock our manufacturing potential, boost productivity, and strengthen linkages across agriculture, extractives, and services,” the statement said.
Over the years, Nigeria’s economy has been dominated by imports, with local industries struggling to compete. NESG believes that building strong, globally competitive industries will require deliberate policies, innovation, and local content development.
At the upcoming summit, industry leaders, government officials, and entrepreneurs will meet to discuss practical steps to boost the manufacturing sector. Areas of focus will include overhauling the country’s industrial policy, supporting small and medium-sized enterprises (SMEs), developing value chains, promoting technology and innovation, and improving access to finance.
NESG also pointed out that Nigeria needs a major upgrade in infrastructure and regulation to support industrial growth. This includes steady power supply, improved transport systems, better trade facilitation, and modern business processes.
The group said Nigeria must create an ecosystem where industries can thrive, which means ensuring that skilled labour, reliable infrastructure, affordable finance, and supportive government policies are all working together. “Industrialisation is not just about building factories—it’s about creating opportunities for millions of Nigerians,” the statement added.
Global competition in manufacturing is becoming stronger, and NESG warned that Nigeria must act quickly to avoid being left behind. The group called on both the public and private sectors to work together to implement reforms that will make the country an industrial hub in West Africa.
NESG also highlighted that industrialisation can create millions of jobs, reduce poverty, and increase foreign exchange earnings. By producing more goods locally, Nigeria can cut down on import bills and strengthen the naira.
The summit in October is expected to produce policy recommendations and business partnerships aimed at putting Nigeria on a sustainable growth path. Participants are expected from across Africa and beyond, with discussions expected to shape the country’s economic direction for years to come.
NESG said the time for talk is over and that action is now needed to ensure Nigeria becomes self-sufficient in production. The group stressed that with the right investments and reforms, Nigeria can lead the region in industrial development.
The event will be attended by policymakers, industrialists, business executives, academics, and development partners. Stakeholders are hopeful that the summit will be a turning point for Nigeria’s industrial sector, leading to concrete results that will benefit citizens and the economy as a whole.
