Economy
Ministers, Economist Urge Nigeria to Boost Local Production, Investment and Job Creation
ECONOMY & BUSINESS | October 29, 2026
Nigeria’s economic development agenda has come under renewed focus as government officials and an economist call for increased domestic production, stronger investment, improved infrastructure and better access to financing to unlock the country’s economic potential.
The calls were made during the 2026 News Agency of Nigeria (NAN) and Nigeria Union of Journalists (NUJ) Press Week in Abuja, themed “Harnessing Nigeria’s Economic Potential for Greater Prosperity.”
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Government highlights production and investment targets
The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, represented by a ministry official, said expanding local production, attracting investment and increasing exports were essential to the Federal Government’s ambition of building a $1 trillion economy.
According to figures she presented, Nigeria recorded $23.22 billion in capital importation in 2025, while a further $10.37 billion was recorded in the first quarter of 2026. She also reported that the country’s special economic zones had generated more than 20,000 direct jobs.
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The figures highlight the investment activity reported by the government. However, capital importation can include portfolio investments and other inflows, not only direct investment in factories and productive businesses.
The Minister of Information and National Orientation, Mohammed Idris, also urged the media to improve public understanding of economic policies, promote accountability and encourage constructive discussions about national development.
Economist identifies barriers to economic growth
Dr Abdul Ibrahim, an economist at Nasarawa State University, Keffi, called on the government to prioritize local processing, improve electricity supply and expand access to affordable credit for small businesses.
He warned that exporting raw materials without processing them domestically limits Nigeria’s ability to retain more economic value, create industrial jobs and develop competitive local businesses.
The economist identified several obstacles to investment and business expansion, including:
- Unreliable electricity: High energy costs can reduce manufacturing output and increase the cost of locally produced goods.
- Limited access to finance: Small businesses and entrepreneurs may struggle to obtain affordable loans to expand operations.
- Policy uncertainty and multiple taxation: Inconsistent regulations and overlapping tax burdens can discourage investment.
- Insecurity: Threats to lives, property, farms and transportation networks can disrupt production and supply chains.
He also recommended investment in infrastructure, renewable energy and vocational training, while identifying agriculture, technology and solid minerals as sectors with potential to support economic diversification.
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Diaspora investment and technology seen as growth opportunities
The Chairman of the Nigerians in Diaspora Commission, Abike Dabiri-Erewa, represented by a commission official, said Nigeria could generate additional economic opportunities by mobilizing the expertise, international connections and investments of Nigerians living abroad.
Meanwhile, the Director-General of the National Space Research and Development Agency, Professor Matthew Olumide Adepoju, called for sustained investment in space science and technology.
He highlighted potential applications in agriculture, telecommunications, healthcare, transportation, environmental management and national security.
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What the calls mean for Nigerian businesses and citizens
The recommendations place domestic production and productivity at the centre of the debate about Nigeria’s economic future.
If implemented effectively, policies that improve electricity supply, expand industrial capacity and make financing more accessible could help businesses increase output, employ more workers and compete in domestic and international markets.
For farmers, local processors and manufacturers, stronger value chains could create opportunities to transform raw agricultural products and minerals into higher-value goods within Nigeria.
However, calls for increased investment do not automatically translate into better living conditions. The results will depend on implementation, access to affordable finance, reliable infrastructure, regulatory consistency and whether new economic activity generates sustainable employment and improved household incomes.
The challenge for policymakers is therefore to translate investment announcements and economic targets into measurable improvements in production, wages, job opportunities and the cost of doing business.
Note:
Nigeria’s economic potential depends not only on attracting capital but also on turning investment into productive enterprises, local manufacturing, export growth and employment.
The priorities identified by the officials and economist — reliable electricity, affordable credit, policy consistency, security and domestic value addition — will require coordinated action from federal and state governments, financial institutions and the private sector.
The central question is whether these recommendations will lead to tangible results for Nigerian businesses, workers and households.
Source: Leadership Newspaper; corroborating report from the News Agency of Nigeria.