Nigeria requires productive investment to drive economic growth

Economic experts and policy organizations are calling for a shift in Nigeria's strategy toward productive investment and capital efficiency to drive sustainable growth and job creation.

The Nigerian Economic Summit Group (NESG) stated that the country requires substantially higher levels of productive investment to meet the needs of its rapidly growing population. While noting opportunities in sectors such as agriculture, manufacturing, technology, and energy, the NESG emphasized that macroeconomic stability alone is insufficient to generate factories, businesses, and higher household incomes. The organization stressed the need to convert existing opportunities into actual business expansion and productive employment.

Complementing this view, Dr. Asad Alam, a former World Bank Director, argued during a Bank of Industry lecture that capital accumulation alone does not guarantee economic transformation. Alam noted that Nigeria has seen significant investments in the past without achieving corresponding increases in productivity or income. He advocated for improving the efficiency of capital, human capital, and technology, suggesting that investments in education, healthcare, and skills development are essential to raising the nation's productive capacity.