Nigeria Gets New Position as UN Releases List of Most Industrialised Countries in Africa, World

The United Nations recently released a list ranking industrialized nations, placing Nigeria eighth in Africa and 98th worldwide. The announcement was made during the Nigeria Economic Summit, where the Nigeria Economic Summit Group highlighted the country's progress and challenges in the industrial sector.

Experts noted that Nigeria's manufacturing value per person is significantly lower than countries like South Africa and Egypt, attributing this to the country's reliance on crude oil exports. Urgent implementation of the Petroleum Industry Act and diversification of the economy were emphasized as key steps towards industrial growth.

The report also highlighted the need for consistent reforms, investments in infrastructure, and policies to encourage manufacturing innovation. Nigeria's 98th position in the UN Competitive Industrial Performance Index presents an opportunity for the country to improve its global industrial standing.

Analysts believe that with strategic reforms and investments, Nigeria can catch up with its peers and secure a stronger position in Africa and globally.