The Nigerian Economic Summit Group (NESG) has warned that Nigeria's current level of investment is not enough to create the jobs required to support its growing population. The private-sector-led policy advocacy group issued the warning in a statement ahead of the 32nd Nigerian Economic Summit scheduled for October 26 and 27, 2026, in Abuja. NESG emphasized that the country needs more productive investment to improve productivity, expand businesses, and deliver the level of prosperity needed by millions of Nigerians.
According to NESG, challenges including infrastructure gaps, limited access to long-term financing, regulatory uncertainty, and high operating costs have continued to discourage productive investment. The group noted that recent economic reforms aimed at stabilizing the economy, improving fiscal sustainability, and restoring investor confidence were important. However, these reforms must be matched with stronger investment to generate meaningful opportunities.
NESG stressed that economic stability must translate into increased business activity, higher incomes, and job creation. The group stated that Nigeria needs greater investment in businesses, industries, infrastructure, innovation, and human capital to support sustainable economic growth. This would enable the country to address the pressing issue of job creation and improve living standards for Nigerians.
Nigeria adds an estimated 3.5 million new entrants to its labor force annually, increasing pressure on the economy to create enough employment opportunities. NESG highlighted that the challenge is not only achieving economic growth but ensuring that growth creates jobs and improves living standards for Nigerians. The group emphasized that the country must prioritize job creation and productivity to address these pressing issues.
The warning comes ahead of the 32nd Nigerian Economic Summit, which is themed "Growth that Works: Delivering Jobs, Productivity and Shared Prosperity." The summit is expected to bring together government officials, private sector leaders, development institutions, and other stakeholders to discuss ways of increasing investment, improving productivity, and expanding economic opportunities.
NESG noted that moving Nigeria from economic stabilization to sustainable growth would require deliberate efforts to increase investment and strengthen the country's productive capacity. The group urged the government and private sector to work together to address the challenges facing the economy and create a more favorable business environment.
The 32nd Nigerian Economic Summit will provide a platform for stakeholders to discuss the country's economic challenges and explore solutions to promote sustainable growth and job creation. NESG's warning highlights the need for urgent action to address the country's job crisis and ensure that economic growth translates into improved living standards for Nigerians.
Key points
- Nigeria needs greater investment in businesses, industries, infrastructure, innovation, and human capital to support sustainable economic growth.
- The country adds an estimated 3.5 million new entrants to its labor force annually, increasing pressure on the economy to create enough employment opportunities.
- The 32nd Nigerian Economic Summit will discuss ways of increasing investment, improving productivity, and expanding economic opportunities.
