Nigeria has been ranked 8th in Africa and 98th globally on the United Nations Industrialisation Index.
The Thematic Lead for Oil and Gas at the Nigerian Economic Summit Group (NESG), Kelvin Ayebaefie Emmanuel, disclosed this during the group’s recent dialogue in Abuja, lamenting that the country continues to trail behind its continental peers in industrial development.
According to him, Nigeria’s manufacturing value per person stands at just $216, compared to $645 in South Africa and $524 in Egypt.
He stressed that instead of driving industrial growth, Nigeria’s oil wealth has largely supported a system where crude oil is extracted and exported with minimal local processing.
In his presentation titled, “Unlocking Industrial Growth Series: The Evolving Oil and Gas Ecosystem,” Emmanuel called for proper implementation of the Petroleum Industry Act (PIA) and stronger alignment with Africa’s Agenda 2063.
Also speaking, Ms. Laura Ani, a legal expert and Co-Lead on Mining at the NESG Industrial Policy Commission, said Nigeria is at a turning point, urging the government to stop viewing oil and gas solely as a revenue source.
Mansur Ahmed, the Private Sector Co-Chair of the NESG Industrial Policy Commission, added that ongoing reforms present an opportunity to rethink how the oil and gas industry can support long-term development and help build a strong industrial base.
Participants at the dialogue agreed on the need for a clear industrial policy that makes oil and gas a foundation for technology-driven growth.
They further stressed that Nigeria must align with the African Continental Free Trade Area (AfCFTA) to compete effectively within the region.
