The United Nations has ranked Nigeria 8th in Africa and 98th globally on the Industrialisation and Competitive Industrial Performance Index. At a pre-Summit dialogue in Abuja, the Nigerian Economic Summit Group (NESG) highlighted that Nigeria’s manufacturing value per person stands at just $216, far below South Africa’s $645 and Egypt’s $524, reflecting weak industrial competitiveness.
Kelvin Emmanuel, NESG’s Thematic Lead for Oil and Gas, noted that Nigeria’s oil wealth has largely supported crude oil exports with minimal local processing, limiting industrial growth. He stressed the need for full implementation of the Petroleum Industry Act (PIA) and alignment with Africa’s Agenda 2063 to drive industrial development.
Other experts, including legal practitioner Laura Ani and private sector leader Mansur Ahmed, emphasized that Nigeria is at a turning point. They urged the government to stop viewing oil and gas solely as a revenue source, instead using it as a catalyst for long-term industrialisation and sustainable economic growth.
