The Nigerian Economic Summit Group has stressed that industrialisation is vital to Nigeria’s economic growth and prosperity as the country prepares for the 31st edition of the Nigerian Economic Summit.
The summit, scheduled for October 6-7, 2025, at the Transcorp Hilton Hotel in Abuja, will focus on the sub-theme Driving Industrialisation-led Growth as a critical strategy for the nation’s economic transformation.
According to a statement on Tuesday by the Acting Head of Strategic Communication & Advocacy at the NESG, Ms. Ayanyinka Ayanlowo, Nigeria’s future prosperity relies on the transition from a consumption-driven economy to one based on production.
The statement noted that that country has faced challenges such as deindustrialisation, overdependence on imports, and limited value addition across key sectors.
The NESG emphasised that industrialisation presents a strategic solution to these issues.
“Nigeria’s path to prosperity hinges on its ability to transition from a consumption-driven to a production-based economy.
“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 statement read.
At the upcoming summit, industry leaders, policymakers, and entrepreneurs will discuss how Nigeria can build globally competitive industries that are driven by innovation and local content development, the statement noted.
The focus will be on various key areas, including revamping industrial policy, supporting small and medium enterprises, developing value chains, leveraging technology and innovation, and enhancing access to finance.
The NESG also called for comprehensive reforms to Nigeria’s regulatory and infrastructure systems to support industrialisation.
The group advocated for modernising industrial strategies to reflect current global trends, improving business processes, and enhancing power supply.
“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,” the statement noted.
The NESG further stressed that industrialisation requires coordinated efforts from both the public and private sectors.
The upcoming summit is seen as a vital opportunity for stakeholders to commit to reforms, form partnerships, and ensure Nigeria’s path towards becoming the industrial powerhouse of West Africa.
