The Nigerian Economic Summit Group(NESG), has said that there was urgent need to revitalise Nigeria’s industrial base as a pathway to sustainable development, job creation, export competitiveness, inclusive prosperity and economic transformation.
Ms. Ayanyinka Ayanlowo, Acting Head, Strategic Communication and Advocacy,NESG, who disclosed this in a statement on Tuesday, said that the 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 de-industrialisation, over-dependence on imports, and limited value addition in key sectors, the group said.
According to the group, “Industrialization 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 group said that during the 31st Nigerian Economic Summit (NES #31), scheduled to hold from October 6–7, 2025, at the Transcorp Hilton Hotel, Abuja, that industrialiation imperative would be one of the sub-themes of this year’s Submit.
It said that through this sub-theme, NES #31 will convene industry leaders, policymakers, financiers, development partners, and entrepreneurs to examine how Nigeria can build globally competitive industries anchored in innovation, local content development, and enabling infrastructure.
It stressed: ”It will also explore how industrial policy can be better aligned with market realities, technological trends, and Nigeria’s demographic advantage.The discussions under driving Industrialization-led will centre on revamping Industrial Policy.
“Reviewing and modernising Nigeria’s industrial strategies to reflect contemporary global and regional trends, including the AfCFTA and digital transformation.Supporting Small and Medium Enterprises (SMEs) as engines of innovation, job creation, and industrial diversification.
“Promoting backward and forward integration, especially in agribusiness, mining, and pharmaceuticals, to maximise local content and export potential.Leveraging fourth industrial revolution technologies to scale productivity and competitiveness in manufacturing.
“Catalysing private sector investment and innovative financing mechanisms to unlock capital for industrial growth.Guided by the NES #31 strategic pillars—Reforms, Resilience, and Results—this sub-theme will stress the importance of reforming Nigeria’s regulatory and infrastructure landscape to enable industrial take-off.
“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 journey to industrialisation requires more than rhetoric—it demands intentional collaboration across the public and private sectors.
“NES #31 presents a unique opportunity for stakeholders to forge partnerships, commit to reform implementation, and co-create a future where Nigeria becomes the industrial powerhouse of West Africa.
“Through robust dialogue and shared accountability, the Summit will inspire actionable strategies that move Nigeria beyond resource dependence towards a diversified, innovation-led economy that works for all,” the statement noted.
