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The Nigerian Economic Summit Group (NESG) says Nigeria’s investment levels remain below what is required to generate the jobs, productivity gains and inclusive prosperity needed by its growing population.

In a statement on Monday by Ayanyinka Ayanlowo, head of strategic communication and advocacy at NESG, Nigeria needs to increase investment in businesses, industries, and human capital to create jobs and boost productivity.

The organisation’s statement comes ahead of its summit, themed ‘Growth that Works: Delivering Jobs, Productivity and Shared Prosperity’, slated for October 26 and October 27 in Abuja.

“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 group said while recent reforms aimed at stabilising the macroeconomic environment, improving fiscal sustainability and restoring investor confidence were necessary, they represent “only the first step”.

“The next challenge is translating stability into productive investment that expands businesses, creates jobs, raises incomes, and improves living standards,” the NESG said.

The organisation said the summit would explore ways to mobilise domestic and foreign investment into agriculture, manufacturing, infrastructure, technology, energy, mining, logistics, and the creative economy.

The group identified infrastructure deficits, limited access to long-term finance, regulatory uncertainty and elevated business costs as factors that have constrained Nigeria’s productive potential.

According to the statement, the summit’s discussions will focus on improving infrastructure financing, expanding access to credit for businesses, strengthening public-private partnerships, promoting industrialisation and building competitive value chains.

The NESG said micro, small, and medium enterprises (MSMEs) would also 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 

‘HUMAN CAPITAL INVESTMENT KEY TO PRODUCTIVITY’

The NESG said the investment agenda would extend beyond physical and financial capital to human capital development.

The think-tank said gaps remain in education outcomes, healthcare access, workforce readiness, and skills development despite Nigeria having one of the world’s youngest populations.

The non-profit said the summit (NES #32) would also examine investments in education, healthcare, digital literacy, vocational training, and workforce development.

The group said particular focus would be on aligning skills development with labour-market demand and equipping young Nigerians with competencies required by 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 the summit would also examine innovative financing mechanisms, public-private partnerships and technology-enabled solutions for expanding access to human capital services.

The group said investment in industries and people could create a cycle of stronger businesses, job creation, higher incomes, and improved productivity.

“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 advised the government to continue to strengthen the policy environment, while the private sector expands productive investment and innovation.

The NESG also asked development partners to support catalytic financing and capacity-building, urging educational institutions to prepare Nigerians for the demands of a changing economy.