NESG Warns Nigeria's Investment Still Too Low to Create Jobs Ahead of October Summit
By Aboki Forex —
The Nigerian Economic Summit Group (NESG) says Nigeria's investment levels remain below what is required to generate jobs, productivity gains and inclusive prosperity for its growing population. The group made the position known in a statement on Monday signed by Ayanyinka Ayanlowo, head of strategic communication and advocacy at NESG.
The statement comes ahead of the organisation's summit, themed 'Growth that Works: Delivering Jobs, Productivity and Shared Prosperity', scheduled for October 26 and October 27 in Abuja.
Reforms Are Only the First Step
The NESG said Nigeria needs to raise investment in businesses, industries and human capital to create jobs and lift productivity. It acknowledged that recent reforms aimed at stabilising the macroeconomic environment, improving fiscal sustainability and restoring investor confidence were necessary, but described them as "only the first step".
"Economic transformation does not happen by chance. It is built on investment, investment in businesses, industries, infrastructure, innovation, and most importantly, people," the statement reads.
"The next challenge is translating stability into productive investment that expands businesses, creates jobs, raises incomes, and improves living standards."
The group listed infrastructure deficits, limited access to long-term finance, regulatory uncertainty and elevated business costs as factors that have constrained Nigeria's productive potential.
Where the Summit Will Focus
The NESG said the summit will explore ways to mobilise domestic and foreign investment into agriculture, manufacturing, infrastructure, technology, energy, mining, logistics and the creative economy.
Discussions will centre on improving infrastructure financing, expanding access to credit for businesses, strengthening public-private partnerships, promoting industrialisation and building competitive value chains.
Micro, small and medium enterprises (MSMEs) will receive particular attention because of their role in the economy. "Improving access to finance, reducing regulatory burdens, and supporting business formalisation will be recognised as critical pathways for accelerating investment, enterprise growth, and employment generation," NESG said.
Human Capital in the Spotlight
The NESG said the investment agenda extends beyond physical and financial capital to human capital development. It noted that gaps remain in education outcomes, healthcare access, workforce readiness and skills development, despite Nigeria having one of the world's youngest populations.
The summit, NES #32, will also examine investments in education, healthcare, digital literacy, vocational training and workforce development, with focus on aligning skills with labour-market demand.
"Economic growth ultimately depends on people. No nation can achieve sustainable prosperity without investing in the knowledge, health, skills, and capabilities of its citizens," the statement reads.
The group said it will look at innovative financing mechanisms, public-private partnerships and technology-enabled solutions for expanding access to human capital services.
"Investment in industries and investment in people are mutually reinforcing," the NESG said. "Stronger businesses create jobs, generate incomes, and expand economic opportunities. A healthier, better-educated, and more skilled workforce increases productivity, innovation and competitiveness."
The NESG advised government to keep strengthening the policy environment while the private sector expands productive investment and innovation. It also asked development partners to support catalytic financing and capacity-building, and urged educational institutions to prepare Nigerians for the demands of a changing economy.