President of the Nigerian Economic Society, Prof. Adeola Adenikinju, addresses key concerns on the nation’s economic structure and recent financial trends
Nigeria’s dwindling industrial sector threatens to deepen poverty and unemployment unless the government adopts consistent, long-term policies to revive manufacturing and agriculture, top economists have warned.
Speaking in Abuja at a workshop on newly rebased GDP and Consumer Price Index data by the National Bureau of Statistics (NBS), Prof. Adeola Adenikinju, President of the Nigerian Economic Society, described the latest figures as “concerning,” noting manufacturing’s share of GDP has plunged from about 18–19% in previous decades to just 8% today.
“You cannot build a sustainable, strong economy of Nigeria’s size without a robust industrial sector,” Adenikinju said. “A weak industrial base means poverty and unemployment will persist. We must protect and strengthen manufacturing and agriculture through deliberate, long-term policies, not short-term, inconsistent measures.”
He criticised abrupt policy reversals; such as sudden border closures and reopening that discourage investors, and urged stronger development planning, closer ties between universities and industry, and research-driven farm productivity.
Prof. Uche Uwaleke, a finance and capital markets expert, blamed the sector’s decline from 27% to 21% of GDP on “weak productive capacity,” pointing to UNCTAD’s eight pillars of industrialisation, including energy, infrastructure, human capital, and strong institutions. “You cannot industrialise when electricity generation is barely 3,000 megawatts, education is misaligned with industry, and corruption undermines investor confidence,” he said.
Dr. Hassan Mahmud, President of the Nigerian Association for Energy Economics and former Central Bank Monetary Policy Director, warned that growth driven by low-productivity services—such as hospitality and fuel retail—will not create enough jobs. “Our paradox is that economic growth is rising alongside poverty. Transforming oil, gas, and other resources into manufacturing strength is the only way to reverse this trend,” he said.
Statistician-General Adeyemi Adeniran said the updated data was vital for tracking reforms and guiding Nigeria toward its $1 trillion GDP target by 2030, but cautioned that growth must benefit ordinary Nigerians. “Our economy has enlarged, but the impact is not always felt at the grassroots. Better data must lead to better policies,” he said.
CEO Centre for the Study of the Economies of Africa (CSEA), Dr Chukwuka Onyekwena called for a culture of data literacy to ensure credible, timely statistics underpin inclusive development.
The experts agreed that without urgent reforms—anchored on industrialisation, agriculture, energy, and policy consistency—Nigeria risks locking itself into a cycle of low growth, high unemployment, and economic fragility.
About the Author
