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The Nigerian Economic Summit Group (NESG) has called on the Federal Government to end its dependence on raw material exports and shift towards local production and value addition to create jobs and drive sustainable economic growth.
The group said continued reliance on commodity exports and imports of finished goods had left the economy exposed to global price shocks while limiting opportunities for industrialisation and wealth creation.
The NESG made the call in a statement signed by its Head of Strategic Communication and Advocacy, Ayanyinka Ayanlowo on Monday, ahead of the 32nd Nigerian Economic Summit scheduled for October 26 and 27 in Abuja.
It said Nigeria must urgently move from being a primary commodity producer to a high-value industrial economy.
“Yet our growth remains dangerously dependent on commodity price cycles because we export raw materials and import value,” the group said.
The NESG said the summit, with the theme, “Growth That Works: Delivering Jobs, Productivity and Shared Prosperity,” would focus on practical ways to strengthen productivity, industrialisation, investment and value creation.
Under the “Produce Nigeria” sub-theme, the summit will examine opportunities across agriculture, manufacturing and services.
The group identified inadequate infrastructure, inefficient regulation, weak institutions and insufficient capital as major barriers to investment and production.
It said these were structural problems requiring coordinated government action and increased private-sector investment rather than short-term interventions.
The NESG also identified agriculture as a major area requiring urgent transformation, noting that the sector employs about 36 per cent of Nigeria’s labour force but continues to suffer from low productivity.
It said post-harvest losses for many food commodities were estimated at between 30 and 40 per cent, largely due to inadequate processing, storage and cold-chain facilities.
Limited access to certified inputs, mechanisation and extension services also continue to constrain agricultural output, the group said.
According to the NESG, increased investment in agro-industrialisation could reduce food losses, create manufacturing jobs, cut dependence on imports and develop export-oriented value chains around commodities such as cassava, rice, cocoa, sesame and soya.
The group said Nigeria’s economic challenge was no longer simply about producing more commodities, but ensuring that the country processes its resources locally and captures greater value before they reach international markets.
It said the 32nd Nigerian Economic Summit would provide a platform for government, businesses and other stakeholders to develop practical solutions for unlocking investment, boosting productivity and creating shared prosperity.
