Nigeria Ranks 8th In Africa, 98th Globally On UN Industrialisation Index

Nigeria has been ranked 8th in Africa and 98th globally on the United Nations Industrialisation Index, according to the Nigerian Economic Summit Group (NESG). The group's Thematic Lead for Oil and Gas, Kelvin Ayebaefie Emmanuel, highlighted in a recent dialogue in Abuja that Nigeria continues to lag behind its continental peers in industrial development.

He emphasized that the country's manufacturing value per person is significantly lower compared to countries like South Africa and Egypt. Emmanuel called for the proper implementation of the Petroleum Industry Act (PIA) and a stronger alignment with Africa Agenda 2063 to drive industrial growth.

Laura Ani, a legal expert from the NESG, urged the government to stop solely relying on oil and gas revenue and focus on building a strong industrial base. Participants in the dialogue agreed on the need for a clear industrial policy to support development and compete effectively within the region under the African Continental Free Trade Area (AfCFTA).