The Nigerian Economic Summit Group (NESG) on Tuesday convened a high-level Pre-Summit Dialogue themed Unlocking Industrial Growth Series: The Evolving Oil and Gas Ecosystem’, setting the tone for its upcoming 31st Nigerian Economic Summit (NES #31).

The NESG pre-summit dialogue brought together top policymakers, private sector leaders, and academic experts to explore how Nigeria’s oil and gas sector can catalyse industrialisation, innovation, and inclusive development.

Private Sector Co-Chair of the NESG Industrial Policy Commission, Mansur Ahmed, described the dialogue as both timely and strategic.

“As Nigeria’s reform agenda advances, today’s discussion is essential to charting a path that transforms our oil wealth into sustainable industrial growth,” he said in his opening remarks.

Despite being Africa’s largest oil producer, Nigeria lags in industrial competitiveness. Highlighting this concern, Mr. Kelvin Emmanuel, Thematic Lead of the NESG Oil and Gas Thematic Group, noted that Nigeria ranks 8th on the 2024 African Industrialisation Index and 98th globally on the UNIDO Competitive Industrial Performance Index.

“With a manufacturing value added per capita of just $216, far below South Africa’s $645 and Egypt’s $524, Nigeria’s oil wealth has sustained an extractive development model instead of fueling technology-driven industrialisation,” he observed.

Ahmed called for urgent reforms that align with the Petroleum Industry Act (PIA) and continental initiatives like the African Union’s Agenda 2063 to reverse the trend.

Ms. Laura Ani, Senior Researcher at the Nigerian Institute of Advanced Legal Studies, said Nigeria stands at a turning point. “We must shift from merely earning oil revenue to using it as a foundation for industrial transformation. This means linking resource management to coordinated innovation and industrial policy,” she argued.

Adding an academic lens, Dr. Aminu Abdullahi Isyaku, Head of the Geology and Mining Department at the University of Abuja, emphasised the need for a “Triple Helix Model”, structured collaboration among government, industry, and academia.

“Research and Development is no longer optional. Deepening local content and aligning academic curricula with industry demands are essential for creating value-added industries,” he noted.

From the private sector, Mrs. Funmi Ogbue, CEO of Zigma Limited, pointed to global best practices. Citing Norway as a model, she underscored the importance of stable policies, long-term contracts, Research and Development investments, and export-driven strategies.

“We need consistent, integrated public-private collaboration. Short-term or politically driven efforts will not deliver the transformation Nigeria urgently needs,” she warned.

Regulatory insights were provided by Dr. Taiwo Ogunleye, Associate Professor at the Nigerian Institute of Advanced Legal Studies, who stressed that implementation, not legislation, is the real challenge.

“The Petroleum Industry Act already contains the tools for transformation. Full enforcement of provisions on indigenous participation, licensing, R&D, and infrastructure is key,” he noted.

At the end of the session, stakeholders agreed that aligning this vision with frameworks like the African Continental Free Trade Area (AfCFTA) would be critical to unlocking long-term prosperity.

The session also concluded with a unified commitment to pushing for a robust, innovation-led industrial policy anchored on Nigeria’s oil and gas assets.

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