NESG Urges FG to End Raw Exports, Boost Local Production

The Nigerian Economic Summit Group (NESG) has called on the Federal Government to cease its dependence on raw material exports and transition towards local production and value addition to foster job creation and sustainable economic growth. In a statement signed by Ayanyinka Ayanlowo, Head of Strategic Communication and Advocacy, the NESG emphasized that reliance on commodity exports and imports of finished goods exposes the economy to global price shocks and hinders industrialization.

The upcoming 32nd Nigerian Economic Summit, themed “Growth That Works: Delivering Jobs, Productivity and Shared Prosperity,” will focus on enhancing productivity, industrialization, investment, and value creation. The NESG identified agriculture as a critical sector needing transformation, noting that it employs about 36% of Nigeria’s labor force but suffers from low productivity and significant post-harvest losses.

The group advocates for increased investment in agro-industrialization to reduce food losses, create jobs, and develop export-oriented value chains. The summit aims to provide a platform for stakeholders to devise practical solutions for boosting productivity and shared prosperity.