NESG: Industrial Policy Insufficient for Nigeria's Growth

The Nigerian Economic Summit Group (NESG) stated that achieving industrialization in Nigeria requires more than just industrial policy; it necessitates a coordinated policy architecture that addresses foundational constraints limiting productive capacity. The NESG emphasized that industrialization should not be seen merely as an expansion of manufacturing but as a means to create employment, decent jobs, and alleviate poverty.

Despite decades of efforts by successive governments to diversify the economy and reduce reliance on primary commodity exports, Nigeria has not achieved the necessary industrial transformation for inclusive growth. Key challenges include poor infrastructure and limited access to finance.

The NESG highlighted that while industrial policy is crucial for productivity gains and structural transformation, it must be supported by adequate infrastructure, human capital, and institutional quality. Without sustained commitment to industrialization, many Nigerians may remain in the informal economy, leading to increased poverty and social tensions.