Nigeria has been ranked 8th on the African Industrialisation Index and 98th globally, according to the United Nations Competitive Industrial Performance Index. The ranking underscores the country’s continuing struggle to build a competitive industrial base despite its vast natural resources.
The figures were disclosed by Kelvin Emmanuel, Thematic Lead for Oil and Gas at the Nigerian Economic Summit Group (NESG), during a high-level pre-Summit dialogue in Abuja. The session, themed “Unlocking Industrial Growth Series: The Evolving Oil and Gas Ecosystem”, brought together industry leaders, policymakers, and private sector stakeholders to discuss the future of industrialisation in Nigeria.
Emmanuel lamented that Nigeria still trails other African economies in industrial performance. “Nigeria’s manufacturing value per person is just $216, compared to $645 in South Africa and $524 in Egypt,” he said. He attributed much of the stagnation to the country’s reliance on crude oil exports without sufficient investment in local processing and value addition.
He stressed the need for a shift in approach, including full implementation of the Petroleum Industry Act (PIA) and alignment with Africa’s Agenda 2063, which prioritises industrial growth and sustainable development.
Other speakers at the dialogue echoed this sentiment. Legal expert and Co-Lead on Mining at the NESG Industrial Policy Commission, Ms. Laura Ani, described Nigeria as being at a turning point. She urged policymakers to stop viewing oil and gas solely as a revenue stream, but rather as a platform to build competitive industries and generate wider economic growth.
Engr. Mansur Ahmed, Private Sector Co-Chair of the NESG Industrial Policy Commission, also pointed out that ongoing reforms present an opportunity to rethink the oil and gas sector’s role in driving industrialisation. “Nigeria has a chance to lay the foundation for a stronger industrial base if we channel our resources strategically,” he said.
The NESG dialogue highlighted a common theme: while Nigeria remains an oil-rich nation, unlocking its true industrial potential will depend on moving beyond resource dependence to building industries that are globally competitive.