Economy
THE NEPAD Business Group Nigeria (NBGN) has urged Nigeria to adopt state-led regional industrialisation, deepen private sector investment and accelerate value addition to natural resources as part of strategies to build economic resilience and achieve sustainable prosperity.
The group made the call in a communiqué issued at the end of its quarterly webinar held on July 14, themed: “Global Challenges: Survival Strategies, Building Resilience and Driving Sustainable Prosperity.”
The communiqué said participants, comprising leading economists, private sector operators and development experts, reached the resolutions after extensive deliberations on Nigeria’s economic future.
It stressed that centralised economic planning should give way to state-led regional industrialisation, with each state leveraging its comparative advantages to become a productive economic hub.
According to the communiqué, governments at both federal and state levels should remove bureaucratic, fiscal and regulatory obstacles to attract greater private investment.
It noted that Nigeria faces an estimated investment gap of 1.74 trillion dollars by 2030, adding that about 81 per cent of the required financing must come from the private sector.
The forum also called for a phased ban on the export of raw agricultural produce and solid minerals, urging government to establish Special Agro-Industrial Processing Zones (SAPZs) and mineral processing hubs.
It identified gold, iron ore, lithium and zinc as strategic minerals that should be processed locally to promote industrialisation, create jobs and increase export earnings.
Participants further advocated a transition to a circular bioeconomy through investments in converting agricultural and municipal waste into renewable energy, organic fertilisers and biofuels.
The communiqué emphasised the need for stronger collaboration among universities, research institutes, industry and government through a “Triple Helix” model to commercialise locally developed innovations and research outputs.
It also called on commercial banks and financial technology companies to strengthen partnerships aimed at expanding financial inclusion through affordable credit and digital payment systems for informal businesses and micro-enterprises.
On industrial competitiveness, the group urged government to reposition Nigeria’s Free Trade Zones into high-value production centres by investing in reliable electricity, digital infrastructure and multimodal logistics.
According to the communiqué, such investments will strengthen manufacturing, promote small and medium-sized enterprises, enhance Nigeria’s competitiveness as a regional offshoring destination and improve integration into global value chains.
The forum also advocated data-driven investment policies to support innovation among Nigeria’s youth, saying deliberate efforts to finance and scale technology-driven enterprises would encourage the emergence of globally competitive tech unicorns.
It said this would accelerate job creation, boost digital exports and contribute to long-term economic growth.
As part of its implementation strategy, the NBGN Secretariat said it would circulate the communiqué within 14 days to the Federal Ministry of Industry, Trade and Investment, the Manufacturers Association of Nigeria (MAN), the Nigeria Governors’ Forum (NGF) and other organised private sector stakeholders.
It also announced plans to establish a Joint Public-Private Special Purpose Vehicle (SPV) Advisory Group in the fourth quarter of 2026.
The group will include NBGN members, representatives of the Bank of Industry and regional economic planners to develop financing templates for regional economic corridors.
The communiqué further disclosed that an Academic-Industry Commercialisation Desk would be launched in the first quarter of 2027 to connect commercially viable research from Nigerian universities with private investors.
It added that NBGN would continue organising state-by-state capacity-building programmes to equip small businesses with skills in financial digitisation, export readiness and circular economy practices.
F.O
Tags: NBGN private investment State led industrialisation