NESG Warns Nigeria's Economy Trapped in Raw Material Exports

The Nigerian Economic Summit Group (NESG) has stated that Nigeria's economy is trapped in a cycle of exporting raw materials while importing finished products, which suppresses value creation and limits job opportunities. This structural imbalance exposes the economy to commodity-price fluctuations.

The NESG will focus on this challenge during the 32nd Nigerian Economic Summit, scheduled for October 26 and 27, 2026, in Abuja, themed “Growth that Works: Delivering Jobs, Productivity and Shared Prosperity.” The summit will feature a “Produce Nigeria” track aimed at transforming Nigeria into a competitive industrial hub by examining agro-industrialization, processing plants, and value chains. The NESG identified barriers to industrial growth, including low productivity, poor infrastructure, and inadequate financing.

Agriculture, employing about 36% of Nigeria's labor force, has significant potential for value addition, but farmers face challenges such as limited access to resources and high post-harvest losses. The summit will also discuss manufacturing constraints and the role of digital technologies in enhancing productivity.