By Iroyin Yoruba Television
Nigeria needs substantially higher levels of productive investment if the country is to create enough jobs, improve productivity and generate broad-based economic opportunities for its rapidly growing population, the Nigerian Economic Summit Group has said.
The private-sector-led policy organisation made the assessment ahead of the 32nd Nigerian Economic Summit, scheduled to take place in Abuja on October 26 and 27, 2026.
The organisation said Nigeria has considerable opportunities across agriculture, manufacturing, infrastructure, technology, energy, mining, logistics and the creative economy, but argued that the country must do more to convert those opportunities into actual investment, expanded businesses and productive employment.
The message comes at a time when Nigeria is attempting to move from economic stabilisation toward stronger and more sustained expansion of productive activity.
According to the group, recent economic reforms may help improve the macroeconomic environment, but stability by itself does not automatically produce factories, businesses, jobs or higher household incomes.
The next stage, it said, is ensuring that capital reaches businesses and sectors capable of producing goods, services, employment and long-term economic value.
INVESTMENT AT THE CENTRE OF ECONOMIC TRANSFORMATION
Investment plays a central role in expanding an economy.
When businesses invest in factories, equipment, technology, transport systems and new facilities, they increase their ability to produce goods and services.
Investment can also create demand for workers, contractors, suppliers, professional services and logistics companies.
The NESG argues that Nigeria needs this process to happen on a much larger scale.
The organisation says the country's existing investment level is not sufficient to meet the employment and productivity requirements of its growing population.
That means the investment challenge is not simply about attracting money into the country.
It is about attracting the right type of investment and ensuring that capital is directed toward productive economic activity.
NOT ALL CAPITAL HAS THE SAME EFFECT
Capital can enter an economy through different channels.
Some investment goes into businesses that directly produce goods and services.
Other money can move into financial markets and financial assets.
Both forms of investment have economic functions, but their immediate effects on employment and productive capacity can be different.
The NESG is particularly focused on productive investment that expands businesses and industries.
This includes investment in factories, infrastructure, technology, agriculture, energy and other activities that can increase the economy's capacity to produce.
The distinction is important because Nigeria needs economic growth that translates into employment and income opportunities for a large population.
THE JOB CREATION CHALLENGE
Employment is one of the major reasons investment has become an important part of Nigeria's economic debate.
A growing population creates a continuous need for new employment opportunities.
Young Nigerians entering the labour market need jobs that provide sustainable incomes and opportunities to develop their skills.
If businesses do not expand quickly enough, the economy can struggle to absorb new workers.
The NESG has therefore linked investment directly to job creation.
When companies establish new factories, expand production, open logistics facilities or invest in technology-based businesses, they can create direct employment.
They can also generate indirect jobs through their supply chains.
SMALL BUSINESSES ARE IMPORTANT
Micro, small and medium-sized enterprises are another important part of the investment equation.
Millions of Nigerians earn their livelihoods through smaller businesses.
These businesses operate across retail, agriculture, manufacturing, transportation, technology, services and other sectors.
Many small businesses, however, face difficulties obtaining affordable financing.
A business may have customers and a viable product but still struggle to purchase equipment, expand premises, employ additional workers or maintain sufficient working capital.
Improved access to finance could allow some of these businesses to move from survival-oriented operations toward expansion.
The NESG has therefore called for policies that make it easier for businesses to obtain capital and operate formally.
LONG-TERM FINANCING
Access to long-term financing is particularly important for industries that require substantial initial investment.
A factory cannot necessarily be established using short-term borrowing.
Infrastructure projects may require financing over many years before they generate sufficient returns.
Manufacturers may also need time to recover the cost of machinery and production facilities.
The availability of longer-term financing can therefore influence whether businesses are willing and able to undertake major expansion projects.
Nigeria's financial system has access to substantial capital, but the challenge is ensuring that more of that capital reaches productive activities on terms businesses can sustain.
INFRASTRUCTURE REMAINS A MAJOR ISSUE
The NESG identified infrastructure deficits as one of the factors constraining productive investment.
Businesses depend on infrastructure to operate efficiently.
Manufacturers need electricity and transportation.
Agricultural businesses need roads, storage and logistics systems.
Technology companies require reliable telecommunications and electricity.
Mining operations require transportation networks and processing infrastructure.
When infrastructure is inadequate, businesses may have to provide some of these services themselves.
That can increase operating costs and reduce competitiveness.
Improving infrastructure can therefore make investment projects more commercially attractive.
ELECTRICITY AND BUSINESS COSTS
Energy costs are especially important for manufacturing and other industries that depend heavily on electricity.
A company that cannot rely on public electricity may need alternative power arrangements.
Those arrangements can increase production expenses.
Higher operating costs can affect the price of products and reduce the ability of Nigerian companies to compete with imported goods.
Investment in reliable energy infrastructure could therefore have benefits extending beyond electricity itself.
Lower production costs can allow businesses to expand, compete more effectively and employ more workers.
REGULATORY CERTAINTY
The NESG also identified regulatory uncertainty as a factor affecting investment.
Investors generally need to understand the rules governing a business before committing substantial capital.
If regulations change frequently or businesses face uncertainty about permits, taxes, compliance requirements or operating procedures, investors may delay decisions.
Predictability can therefore be an important component of the investment environment.
This does not mean that regulations should remain unchanged.
Rather, businesses need clear rules, transparent implementation and sufficient notice when major changes occur.
HIGH BUSINESS COSTS
The cost of operating a business also influences investment decisions.
Businesses must account for energy, transportation, labour, financing, taxation, raw materials, insurance, security and other expenses.
When several costs rise simultaneously, businesses may have less money available for expansion.
High operating costs can also discourage new entrants.
A potential investor may decide that establishing a factory or service business is too expensive compared with opportunities in other countries.
Reducing unnecessary costs could therefore improve Nigeria's ability to compete for investment.
AGRICULTURE AS AN INVESTMENT OPPORTUNITY
Agriculture remains one of the sectors identified as capable of attracting more productive investment.
Nigeria has extensive agricultural resources and a large domestic market for food.
However, investment is needed across the entire agricultural value chain.
Farm production is only one part of the process.
Storage, processing, transportation, packaging and distribution are also necessary.
Investment in those areas can help reduce waste and increase the value of agricultural products.
Food-processing factories, for example, can create connections between farmers and consumers while generating additional employment.
MANUFACTURING AND INDUSTRIALISATION
Manufacturing is another major area of opportunity.
Industrial production can create jobs while reducing dependence on imported finished products.
A stronger manufacturing sector can also create demand for locally produced raw materials.
This can generate connections between agriculture, mining, construction, transportation and other industries.
Investment in manufacturing therefore has the potential to produce wider economic effects.
The challenge is making Nigerian production competitive enough to survive both domestic and international competition.
That requires reliable infrastructure, appropriate technology, skilled workers and access to finance.
TECHNOLOGY AND DIGITAL ECONOMY
Technology is also part of the investment agenda.
Nigeria has developed a growing technology sector, but continued expansion will require investment in digital infrastructure, talent and businesses.
Digital services can potentially reach international markets without requiring the same physical infrastructure as traditional manufacturing.
However, technology businesses still need reliable electricity, internet connectivity, skilled workers and access to capital.
Investment in digital education and workforce development is therefore closely connected to technology-sector growth.
ENERGY AND MINING
Energy and mining also present significant investment opportunities.
Nigeria possesses substantial natural resources, while natural gas remains an important component of the country's energy system.
Mining can provide raw materials for manufacturing and exports.
However, investment in these sectors needs to go beyond extraction.
Processing minerals domestically can create additional value.
Similarly, investment in gas infrastructure can help increase the use of domestic gas for industrial and commercial purposes.
This is part of the broader objective of increasing productive activity inside Nigeria.
INFRASTRUCTURE FINANCING
Large infrastructure projects often require cooperation between government and private investors.
Public-private partnerships can provide mechanisms through which government agencies and businesses share responsibilities for developing infrastructure.
Such arrangements can potentially mobilise capital that government budgets alone may not provide.
However, successful infrastructure partnerships require clear contracts, transparent procurement, appropriate risk allocation and reliable revenue models.
Investors need confidence that projects will be managed effectively over their operating lives.
THE IMPORTANCE OF CAPITAL MARKETS
The NESG has also highlighted the need to deepen Nigeria's capital markets.
A deeper capital market can provide businesses with additional avenues for raising funds.
Instead of depending entirely on bank loans, companies may be able to access equity and other forms of long-term financing.
This can be particularly important for businesses seeking substantial expansion.
A stronger capital market can also provide opportunities for domestic investors to participate in the country's economic development.
INVESTMENT IN PEOPLE
The NESG has stressed that investment should not focus exclusively on physical assets.
Human capital is equally important.
A factory with modern machinery still requires skilled workers.
A technology company needs programmers, engineers and other specialists.
Agriculture requires people with knowledge of modern production and processing techniques.
Healthcare and education require trained professionals.
Without adequate skills, businesses may struggle to find workers capable of operating modern systems.
EDUCATION AND WORKFORCE DEVELOPMENT
The organisation has called for greater investment in education, digital literacy, vocational training and workforce development.
The objective is to make skills development more closely connected to actual labour-market demand.
This can help reduce the gap between what students and trainees learn and what employers require.
Technical and vocational education can be particularly important for industries that need technicians, machine operators, electricians, mechanics and other skilled workers.
Digital skills are increasingly relevant across multiple industries, not only technology companies.
THE RELATIONSHIP BETWEEN JOBS AND PRODUCTIVITY
Job creation alone does not guarantee improved living standards.
The quality and productivity of jobs also matter.
A productive worker generates greater economic value, which can create opportunities for higher wages and business expansion.
Investment in technology, training and equipment can increase worker productivity.
Businesses can then produce more goods or services with the same or greater workforce.
This is why the NESG has connected job creation with productivity rather than treating the two as separate objectives.
THE ROLE OF POLICY
Government policy can influence whether businesses invest.
Businesses need predictable rules, efficient public services and infrastructure.
They also need access to markets.
Government can contribute by improving the investment environment, developing infrastructure, strengthening institutions and supporting policies that encourage productive enterprise.
At the same time, private businesses must make investment decisions based on commercial considerations.
The government's role is therefore not simply to provide money but to create an environment in which productive investment can become viable.
GLOBAL COMPETITION FOR INVESTMENT
Nigeria is competing with other countries for international capital.
Investors can choose among different markets based on factors such as expected returns, infrastructure, political and regulatory conditions, labour costs, market size and access to resources.
Nigeria's large population and natural resources provide potential advantages.
But potential alone does not guarantee investment.
Countries that offer more predictable operating environments can compete strongly for international capital.
This makes improvements in infrastructure, regulation, financing and skills increasingly important.
THE UPCOMING ECONOMIC SUMMIT
The 32nd Nigerian Economic Summit is expected to bring together government officials, business leaders, financial institutions, academics and development organisations.
Its theme is “Growth that Works: Delivering Jobs, Productivity and Shared Prosperity.”
The investment discussion is expected to focus on how Nigeria can mobilise capital for economic expansion while also investing in the people needed to sustain that expansion.
The “Invest Nigeria” component will examine opportunities across multiple sectors.
The objective is to move the discussion beyond general calls for investment toward practical measures capable of improving the flow of capital into productive activities.
FROM STABILITY TO EXPANSION
Nigeria has been implementing economic reforms intended to stabilise the macroeconomic environment and improve fiscal sustainability.
The NESG's position is that these measures need to be followed by increased productive investment.
Macroeconomic stability can create better conditions for investment, but businesses still need reasons to expand.
They need customers, infrastructure, financing, skilled workers and confidence that their investments can operate successfully.
The transition from stabilisation to expansion therefore requires coordination across several parts of the economy.
WHY INVESTMENT MUST REACH THE REAL ECONOMY
The ultimate objective is to ensure that investment produces tangible economic activity.
Capital invested in a new factory can create production capacity.
Money invested in infrastructure can reduce transportation or energy costs.
Investment in education can increase workforce capabilities.
Investment in technology can improve productivity.
Investment in agriculture and processing can increase domestic value addition.
These outcomes can reinforce one another.
Better infrastructure can make factories more competitive.
More competitive factories can create jobs.
Higher employment can increase household income.
Higher incomes can support consumer demand.
That demand can encourage businesses to invest further.
THE ROLE OF DEVELOPMENT PARTNERS
Development partners can also contribute through catalytic financing and technical assistance.
Some projects may require financing structures that combine public and private capital.
Development institutions can sometimes help reduce risks associated with projects that have significant economic benefits but may take years to become commercially profitable.
Such support can be particularly relevant for infrastructure, agriculture, renewable energy and human-capital development.
WHAT SMALL BUSINESSES NEED
For smaller businesses, the investment challenge can look very different from that faced by large corporations.
A small manufacturer may need a relatively modest amount of financing to purchase equipment.
A farmer may need funding for irrigation or storage.
A technology entrepreneur may require capital to hire developers.
A retailer may need working capital to increase inventory.
Making financial services accessible to these businesses can therefore have a direct effect on employment.
Simplifying regulatory processes can also reduce the cost of formalising and expanding a small enterprise.
THE NEED FOR BETTER VALUE CHAINS
Investment becomes more powerful when different businesses are connected.
An agricultural producer can supply a food-processing company.
The processor can purchase packaging from a local manufacturer.
A logistics company can transport the finished product.
Retailers can sell it to consumers.
Banks and payment companies can provide financial services.
The resulting value chain creates economic activity across multiple businesses.
Nigeria's investment strategy therefore needs to consider not only individual companies but the wider ecosystems surrounding major industries.
A LONG-TERM CHALLENGE
Increasing investment is not something that can be achieved through a single policy or conference.
It requires sustained improvements in the operating environment.
Infrastructure projects take time.
Factories require years to plan and construct.
Skills development takes time.
Financial markets develop gradually.
Regulatory institutions also require continuous improvement.
The investment challenge is therefore a long-term economic development issue.
CONCLUSION
Nigeria's current investment level needs to rise substantially if the country is to create enough productive jobs, improve business productivity and generate broader economic opportunities, according to the Nigerian Economic Summit Group.
The organisation's message places investment at the centre of Nigeria's next stage of economic development.
The challenge is not simply to attract more money.
Nigeria needs investment that expands productive capacity, strengthens businesses, develops infrastructure, creates employment and improves the skills of its people.
Agriculture, manufacturing, infrastructure, technology, energy, mining, logistics and the creative economy all provide potential areas for expansion.
But investors need an environment in which businesses can operate with greater predictability and manage costs effectively.
That means addressing infrastructure gaps, improving access to long-term finance, strengthening regulatory certainty and developing a workforce whose skills match the needs of employers.
Small and medium-sized businesses will also be important because they provide livelihoods and employment opportunities across the country.
The upcoming Nigerian Economic Summit will provide a platform for government, businesses, investors, financial institutions and other stakeholders to examine how those challenges can be addressed.
For Nigeria, the central question is increasingly how to translate economic stability into productive expansion.
The country has a large population, extensive natural resources and a broad range of investment opportunities.
Turning those advantages into sustained economic progress will depend on whether investment reaches the businesses, infrastructure and people capable of expanding Nigeria's productive capacity.
The NESG's call therefore places emphasis on the next stage of the country's economic journey: moving beyond reforms and financial stability toward investment that produces businesses, jobs, skills, productivity and measurable economic activity.