The United Nations has placed Nigeria 8th on the African Industrialisation Index and 98th worldwide in its Competitive Industrial Performance Index, underscoring the nation’s persistent struggle to enhance industrial competitiveness. This disclosure came from 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 event carried the theme: “Unlocking Industrial Growth Series: The Evolving Oil and Gas Ecosystem.” Emmanuel highlighted that despite being Africa’s largest oil producer, Nigeria remains behind several countries on the continent when it comes to industrial growth and manufacturing competitiveness. According to him: “Nigeria is still lagging other African economies in terms of industrial development. Our country currently sits 8th on the African Industrialisation Index and ranks 98th globally on the UN’s Competitive Industrial Performance Index. Nigeria’s manufacturing value per person is just $216, in sharp contrast with $645 in South Africa and $524 in Egypt.” He stressed that Nigeria’s oil wealth has not been effectively channelled into developing industries. Instead, crude oil extraction and exportation without substantial local refining or value addition has dominated the economy. To reverse this trend, Emmanuel called for the full implementation of the Petroleum Industry Act (PIA) and a stronger alignment with Africa’s Agenda 2063, which emphasizes industrialisation, infrastructure growth, and sustainable development across the continent. Adding her perspective, Ms. Laura Ani, a legal practitioner and Co-Lead on Mining at the NESG Industrial Policy Commission, noted that Nigeria is at a critical crossroads. She urged policymakers to stop viewing oil and gas merely as a source of government revenue but rather as a foundation for industrial diversification and long-term development. Similarly, Engr. Mansur Ahmed, Private Sector Co-Chair of the NESG Industrial Policy Commission, stated that ongoing reforms present Nigeria with a unique opportunity to rethink how the oil and gas industry can drive industrialisation. He emphasized that with the right strategies, the sector could help Nigeria establish a stronger industrial base that fosters sustainable economic growth.
