The Nigerian Economic Summit Group (NESG) has underscored industrialisation as the cornerstone of Nigeria’s economic growth and long-term prosperity, as the country gears up for the 31st edition of the Nigerian Economic Summit, scheduled for October 6-7, 2025, at the Transcorp Hilton Hotel, Abuja.
Themed “Driving Industrialisation-led Growth: A Strategic Path to Economic Transformation,” the summit aims to mobilize policymakers, industry leaders, and entrepreneurs to chart actionable strategies for turning Nigeria into a production-based economy.
According to Ms. Ayanyinka Ayanlowo, Acting Head of Strategic Communication & Advocacy at NESG, the nation’s economic future depends on shifting from a consumption-driven model to a production-oriented one. “Despite Nigeria’s abundant natural resources and a large population, the country continues to struggle with deindustrialisation, overreliance on imports, and low value addition in key sectors. Industrialisation provides a practical pathway to unlock manufacturing potential, increase productivity, and strengthen linkages across agriculture, extractives, and services,” she said.
NESG highlighted several obstacles that have historically hindered Nigeria’s industrial growth, including inadequate infrastructure, limited access to finance, outdated regulatory frameworks, and insufficient technological adoption. The group emphasized that comprehensive reforms in these areas are essential to support sustainable industrialisation.
“Industrialisation is more than building factories; it is about creating an ecosystem where skilled labor, reliable infrastructure, access to capital, and supportive policies work in tandem to generate wealth and employment opportunities for millions of Nigerians,” the statement added.
The upcoming summit will prioritize discussions on revitalizing Nigeria’s industrial policy, boosting small and medium enterprises (SMEs), developing robust value chains, leveraging technology and innovation, and improving access to financing for industrial ventures. Experts are expected to present actionable recommendations on modernizing Nigeria’s business environment, enhancing power supply, and streamlining trade facilitation.
The NESG further stressed that coordinated public-private sector collaboration is critical to achieving industrialisation-led growth. The summit is expected to foster strategic partnerships, encourage investment in local industries, and promote policies that drive productivity across sectors.
NESG also noted that a strong industrial base in Nigeria could position the country as a leading manufacturing hub in West Africa, boosting intra-African trade under the African Continental Free Trade Area (AfCFTA) and attracting foreign investment. Industrialisation, according to the group, will not only improve economic resilience but also strengthen Nigeria’s competitiveness on the global stage.
With industrialisation now at the heart of policy discussions, NESG calls on stakeholders, including government agencies, investors, and entrepreneurs, to commit to reforms, innovation, and sustainable industrial growth. “The 31st Nigerian Economic Summit offers a unique opportunity to align strategies and accelerate Nigeria’s transformation into an industrial powerhouse,” the statement concluded.
As the summit approaches, all eyes will be on how Nigeria leverages its resources, technology, and policy frameworks to achieve industrialisation-led growth, create jobs, and boost economic prosperity for millions of citizens.