The Federal Government has called for increased investment in youth development, small businesses and technology, alongside stronger public-private partnerships, to shift Nigeria from a trading nation into a value-chain economy. The Minister of State for Foreign Affairs, Ambassador Sola Enikanolaiye, made the call at the 32nd Nigerian Economic Summit, held under the sub-theme Invest Nigeria. Government alone cannot mobilise the resources required to drive economic growth, Enikanolaiye said, stressing the need to attract investment from both domestic businesses and foreign sources to build industries, create jobs and improve living standards.
The minister emphasised that Nigeria needed deeper collaboration between government and the private sector to develop local industries capable of processing raw materials into finished products and competing in regional and international markets. "We need partnership with the private sector. We need mobilisation of capital, not just from foreign sources, but from domestic business, which is also very key," he said. He identified Nigeria's youthful population as a major asset that could accelerate industrialisation if supported with appropriate investments in human capital, innovation and entrepreneurship. "Our youth population is very critical, a vibrant population. We need to invest more in human capital, focusing on Small and Medium Scale Enterprises, technology, innovation and creativity," the minister said.
On economic conditions, Enikanolaiye said improved macroeconomic stability would help businesses make informed investment decisions and plan their operations more effectively. "We have achieved enhanced macroeconomic stability. Inflation is coming down, macroeconomic variables are now stable," he said. He stressed that predictable economic conditions and reliable data were essential for businesses to assess opportunities and make long-term investment decisions. The minister called for reforms to make the Foreign Affairs Ministry more responsive to the needs of Nigerians and strengthen its engagement with businesses.
The President of the Economic Community of West African States Commission, General Birame Diop, also addressed the session, calling for greater emphasis on industrialisation as a means of creating jobs and strengthening regional trade. According to him, existing trade agreements would have limited economic impact without industries capable of producing goods, processing raw materials and employing people across the region. "Trade agreements do not create jobs; industries do," Diop said. He noted that intra-African trade accounted for about 15 per cent of the continent's total trade, compared with more than 60 per cent in Europe and Asia, attributing the disparity partly to the limited scale of regional industries.