Nigeria focuses on human capital amid economic reform challenges

President Bola Tinubu has emphasized that Nigeria’s human capital, rather than its oil and mineral wealth, is the primary driver for the nation's industrial transformation. Speaking at the National Industrial Manpower Summit (NIMS) 2026 in Abuja, the President stated that sustainable growth requires competent technicians, engineers, and skilled entrepreneurs to complement physical infrastructure and foreign investment.

To support this vision, the government is implementing reforms such as the Nigeria Industrial Policy 2025 and a proposed National Industrial Manpower Competence Portal. These initiatives aim to link infrastructure projects with technical training and map local skills to connect certified workers with industrial employers.

However, these economic shifts and reforms, including the removal of petrol subsidies and changes in foreign exchange policy, have coincided with a severe cost-of-living crisis. Many Nigerians are struggling with rising food prices, high transportation costs, and declining purchasing power. The increased cost of petroleum products has specifically impacted the distribution of agricultural goods, further straining the ability of low-income households to afford essential commodities.