For economic growth, crucial actions by the federal and state governments to develop industrial policies and sectoral plans for identified priority areas, commitment to implementation of existing plans and addressing challenges of insecurity, among others are solutions proffered by the Nigerian Economic Summit Group (NESG).

In its 2021 Macroeconomic Outlook report, titled ‘Sectoral Reforms and Investments in Nigeria: A focus on the Manufacturing Sector’, the NESG identified the manufacturing sector as one of six sectors that have the potential to create jobs and reduce poverty in Nigeria, adding that for the sector to grow, the private investment would play a major role.

The report stated that actual investments in manufacturing are realised when there is an intersection of market opportunities and government support.

It stated that Nigeria’s reliance on imports, its large market and the coming into effect of the African Continental Free Trade Area (AfCFTA) agreement, present a huge opportunity for investment in the manufacturing sector, especially in areas such as agro-processing and light manufacturing.

It stated that developing Nigeria’s manufacturing sector is the solution to Nigeria’s foreign exchange problems as the sector has the potential to create jobs and lift millions of Nigerians out of poverty if the government addresses the current challenges.