The Nigerian Economic Summit Group (NESG) has stated that the country's current level of investment is inadequate to create jobs, improve productivity, and deliver broad-based prosperity required by its rapidly growing population. In a statement issued ahead of the 32nd Nigerian Economic Summit, the NESG identified infrastructure deficits, limited access to long-term finance, regulatory uncertainty, and high business costs as factors that have constrained productive investment in the country for decades.
The NESG noted that despite Nigeria's enormous potential, investment levels remain below what is required to generate the jobs, productivity gains, and inclusive prosperity needed by a rapidly growing population. The group also stated that recent economic reforms aimed at stabilizing the macroeconomic environment, improving fiscal sustainability, and restoring investor confidence are necessary but would not be sufficient without a corresponding increase in productive investment.
The 32nd Nigerian Economic Summit, themed 'Growth that Works: Delivering Jobs, Productivity and Shared Prosperity,' will focus on mobilizing capital for economic expansion and investing in the people required to sustain growth. The summit will examine measures to attract domestic and foreign investment into various sectors, including agriculture, manufacturing, infrastructure, technology, energy, mining, logistics, and the creative economy.
The NESG emphasized that unlocking investment opportunities in these sectors would require improvements in the business environment, fewer barriers to enterprise growth, deeper capital markets, and stronger policy frameworks for long-term investment. The group also stressed that the focus is not merely on attracting capital but on ensuring that investment flows into sectors capable of generating broad economic value, strengthening productivity, and creating opportunities for millions of Nigerians.
The NESG identified Micro, Small, and Medium Enterprises (MSMEs) as a critical part of the investment drive, stating that better access to finance, reduced regulatory burdens, and increased business formalization could accelerate enterprise growth and employment generation. The group also called for greater investment in human capital, warning that significant gaps remain in education, healthcare, workforce readiness, and skills development despite Nigeria having one of the world's youngest populations.
The NESG emphasized that economic growth ultimately depends on people and that no nation can achieve sustainable prosperity without investing in the knowledge, health, skills, and capabilities of its citizens. The group added that investment in education, healthcare, digital literacy, vocational training, and workforce development would help raise productivity and strengthen Nigeria's long-term competitiveness.
The summit will bring together stakeholders from government, business, finance, academia, and development institutions to discuss measures for placing investment at the center of job creation, productivity growth, and shared prosperity. The NESG called on the government to strengthen the policy environment, while urging the private sector to expand productive investment and innovation, and asked development partners to support catalytic financing and capacity building.
Key points
- The Nigerian Economic Summit Group emphasizes the need for increased productive investment to create jobs and improve productivity.
- The 32nd Nigerian Economic Summit will focus on mobilizing capital for economic expansion and investing in human capital.
- The NESG calls for improvements in the business environment, fewer barriers to enterprise growth, and stronger policy frameworks for long-term investment.
