Nigeria’s investment levels inadequate for job creation — NESG

The Nigerian Economic Summit Group has said the nation’s current level of investment is insufficient to create the jobs, improve productivity and deliver the broad-based prosperity required by its rapidly growing population.

The private sector-led policy advocacy group stated this in a statement issued on Sunday by its Head of Strategic Communication and Advocacy, Ayanyinka Ayanlowo, ahead of the 32nd Nigerian Economic Summit, scheduled for October 26 and 27, 2026, at the Transcorp Hilton Hotel, Abuja.

In its statement, the NESG said, “Economic transformation does not happen by chance. It is built on investment — investment in businesses, industries, infrastructure, innovation, and most importantly, people.

“Yet despite Nigeria’s enormous potential, investment levels remain below what is required to generate the jobs, productivity gains and inclusive prosperity needed by a rapidly growing population.”

It identified infrastructure deficits, limited access to long-term finance, regulatory uncertainty and high business costs as factors that had constrained productive investment in the country for decades.

According to the group, the challenge has become more pressing as global competition for investment capital intensifies.

The NESG said recent economic reforms aimed at stabilising the macroeconomic environment, improving fiscal sustainability and restoring investor confidence were necessary but would not be sufficient without a corresponding increase in productive investment.

“While these reforms are 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,” it stated.

The group said the 32nd Nigerian Economic Summit, themed, ‘Growth that Works: Delivering Jobs, Productivity and Shared Prosperity,’ would focus on mobilising capital for economic expansion and investing in the people required to sustain growth.

Under its “Invest Nigeria” sub-theme, the summit will examine measures to attract domestic and foreign investment into agriculture, manufacturing, infrastructure, technology, energy, mining, logistics and the creative economy.

The NESG said unlocking investment opportunities in the sectors would require improvements in the business environment, fewer barriers to enterprise growth, deeper capital markets and stronger policy frameworks for long-term investment.

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“The focus is not merely on attracting capital but on ensuring that investment flows into sectors capable of generating broad economic value, strengthening productivity, and creating opportunities for millions of Nigerians,” the statement added.

It said discussions would also focus on infrastructure financing, expanding credit to businesses, strengthening public-private partnerships, promoting industrialisation and developing competitive value chains to support economic diversification.

The group identified Micro, Small and Medium Enterprises as a critical part of the investment drive, saying better access to finance, reduced regulatory burdens and increased business formalisation could accelerate enterprise growth and employment generation.

The NESG also called for greater investment in human capital, warning that significant gaps remained in education, healthcare, workforce readiness and skills development despite Nigeria having one of the world’s youngest populations.

“Economic growth ultimately depends on people. No nation can achieve sustainable prosperity without investing in the knowledge, health, skills, and capabilities of its citizens,” it said.

According to the group, investment in education, healthcare, digital literacy, vocational training and workforce development would help raise productivity and strengthen Nigeria’s long-term competitiveness.

It added that skills development must be better aligned with labour market demand to equip young Nigerians for a rapidly changing economy.

The NESG said investment in businesses and people was mutually reinforcing, as expanding industries create employment and incomes while a healthier and better-skilled workforce improves productivity, innovation and competitiveness.

It called on the government to strengthen the policy environment, while urging the private sector to expand productive investment and innovation. It also asked development partners to support catalytic financing and capacity building and educational institutions to prepare Nigerians for changing labour market demands.

The summit will bring together stakeholders from government, business, finance, academia and development institutions to discuss measures for placing investment at the centre of job creation, productivity growth and shared prosperity.