The United Nations has ranked Nigeria 8th in Africa and 98th globally on its Competitive Industrial Performance Index, highlighting the country’s sluggish growth in industrial competitiveness.
Speaking at a pre-summit high-level dialogue in Abuja, themed “Unlocking Industrial Growth Series: The Evolving Oil and Gas Ecosystem,” Kelvin Emmanuel, Thematic Lead for Oil and Gas at the Nigerian Economic Summit Group (NESG), lamented Nigeria’s low manufacturing output. He noted that the country’s manufacturing value per person stands at just $216, compared to $645 in South Africa and $524 in Egypt.
Emmanuel criticized Nigeria’s continued dependence on crude oil exports with little local processing, stressing the need for full implementation of the Petroleum Industry Act (PIA) and better alignment with Africa’s Agenda 2063 to drive industrialization.
Also addressing participants, Laura Ani, legal expert and Co-Lead on Mining at the NESG Industrial Policy Commission, described Nigeria as being at a critical juncture. She urged the government to change its approach to oil and gas, viewing it not only as a source of revenue but as a catalyst for industrial development.
Mansur Ahmed, Private Sector Co-Chair of the Commission, said ongoing economic reforms present an opportunity to restructure the oil and gas sector to support sustainable industrial growth and strengthen Nigeria’s domestic industrial base.
