By Tony Obiechina Abuja
The Industrial Policy Commission of the Nigerian Economic Summit Group (NESG) on Thursday, convened a high-level dialogue on “Unlocking Industrial Growth: Stability, Infrastructure, Institutions, and Finance” to explore how Nigeria can transform its abundant natural and human capital into a globally competitive industrial economy.
The forum gathered senior policymakers, industry leaders, economists, and development experts to deliberate on how stability, institutional reforms, infrastructure investment, and access to long-term finance can drive inclusive and sustainable industrialisation.
In his welcome remarks, Dr. Segun Adaju, CEO of Consistent Energy Ltd and Member of the Industrial Policy Commission Steering Committee, described Nigeria as being at an industrial crossroads. He underscored the urgency of strengthening foundational enablers including macroeconomic stability, transparent institutions, modern infrastructure, and innovative financing models to build competitiveness and resilience.
He highlighted the renewable energy sector’s potential to expand its GDP contribution from 0.6% to 5% by 2035, but warned that inconsistent policies cost Nigeria an estimated $14 billion annually in lost foreign direct investment.
He added that with less than 5,000 MW of electricity available for over 200 million people, manufacturers are forced to self-generate power, spending up to 40% of operating costs on energy.
The technical presentation by Engr. Belije Madu, Thematic Lead, NESG Power Thematic Group, highlighted the urgent need to link energy sector reforms with manufacturing competitiveness. He explained that Nigeria’s electricity market remains stuck at Stage 2 of development, far from the Stage 4 benchmark where power effectively drives industrialisation.
According to him, chronic financial shortfalls, compounded by macroeconomic instability, crude oil price shocks, and COVID-19 disruptions, have stalled reforms. He further noted that Nigeria faces a “glass ceiling” of 5,500 MW of available capacity—far below what is needed for industrial growth.
A panel of distinguished experts deepened the dialogue: Mr. Kayode Khalidson, CEO of IDI, examined the steel sector, focusing on the Ajaokuta Steel Mill and the challenges of securing reliable feedstock. He noted that reliance on imported coking coal has proven unsustainable, underscoring weak long-term planning in Nigeria’s industrial development.
Dr. Segun Adaju reiterated the urgency of reforming the power sector, stressing that reliable generation, transmission, and distribution are essential to enhance productivity and competitiveness.
Mr. Ebipere Clark, Visiting Fellow at the Africa Policy Research Institute (APRI), emphasised the link between sound economic structures and access to financing. He argued that once enabling frameworks are established, financial flows can reverse negative cycles, positioning Nigeria for sustained growth.
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Participants agreed that Nigeria’s industrialisation must rest on four interdependent pillars: namely, sable and predictable macroeconomic policies to inspire investor confidence, reliable infrastructure—especially in power, transport, and logistics—to reduce costs and improve competitiveness, and strong and transparent institutions to enforce policy consistency and enhance business trust.
In closing, the NESG reaffirmed its commitment to evidence-based advocacy and public-private collaboration to reposition Nigeria’s industrial sector as an engine of inclusive and sustainable growth.
