Economic summit to focus on unlocking capital for businesses, infrastructure and human development as population pressures grow…..
Nigeria needs to significantly increase investment in businesses, industries and human capital if it is to create enough jobs, raise productivity and deliver broader economic opportunities for its rapidly growing population, the Nigerian Economic Summit Group has said.
The private-sector-led economic policy organisation made the assessment ahead of its 32nd Nigerian Economic Summit, scheduled for October 26 and 27 in Abuja.
In a statement on Monday signed by its Head of Strategic Communication and Advocacy, Ayanyinka Ayanlowo, the NESG said the country’s current level of investment remained insufficient to generate the scale of economic activity required to support inclusive prosperity.
“Economic transformation does not happen by chance. It is built on investment—investment in businesses, industries, infrastructure, innovation, and most importantly, people,” the group said.
The organisation acknowledged that recent economic reforms aimed at stabilising the macroeconomic environment, improving fiscal sustainability and rebuilding investor confidence were necessary.
But it said stabilisation should not be viewed as the end of the reform process.
“The next challenge is translating stability into productive investment that expands businesses, creates jobs, raises incomes, and improves living standards,” the NESG said.
The group said its forthcoming summit, themed “Growth that Works: Delivering Jobs, Productivity and Shared Prosperity,” would examine how Nigeria can move from economic stabilisation to stronger investment and production.
According to the NESG, the discussions will examine ways of attracting and mobilising both domestic and foreign capital into sectors with significant potential for job creation and productivity growth.
These include agriculture, manufacturing, infrastructure, technology, energy, mining, logistics and the creative economy.
The group identified inadequate infrastructure, limited access to long-term financing, regulatory uncertainty and high operating costs as some of the factors holding back investment and limiting the productive capacity of Nigerian businesses.
It said the summit would therefore consider measures to improve infrastructure financing, widen access to credit, strengthen public-private partnerships and promote industrial development and competitive value chains.
Micro, small and medium enterprises are also expected to feature prominently in the discussions because of their importance to employment and enterprise development.
“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,” the NESG said.
The NESG said investment in physical infrastructure and businesses would not be sufficient without a parallel push to develop Nigeria’s workforce.
It said weaknesses in education outcomes, healthcare access, workforce readiness and skills development remained significant challenges, particularly for a country with one of the world’s youngest populations.
The summit will therefore also examine investment in education, healthcare, digital literacy, vocational training and workforce development.
A major focus will be on closing the gap between the skills being produced by the education and training system and those demanded by employers in a changing economy.
“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 NESG said innovative financing models, public-private partnerships and technology-based solutions would also be explored as potential ways of expanding access to essential human capital services.
For the NESG, investment in companies and investment in people are closely connected, with progress in one area capable of reinforcing the other.
“Investment in industries and investment in people are mutually reinforcing,” the statement reads.
“Stronger businesses create jobs, generate incomes, and expand economic opportunities. A healthier, better-educated, and more skilled workforce increases productivity, innovation and competitiveness.”
The group called on government to continue improving the policy environment while encouraging the private sector to increase productive investment and innovation.
It also urged development partners to provide catalytic financing and support capacity-building initiatives.
Educational institutions, it said, must equally adapt to the changing demands of the economy by equipping Nigerians with skills that can translate into productive employment.
The October summit is expected to bring together policymakers, business leaders, investors and other stakeholders to examine how Nigeria can convert its economic reforms into higher investment, stronger businesses and more employment opportunities.
