The Nigeria Economic Summit Group (NESG) has called for the establishment of an industrialisation council within the Presidency to address challenges undermining Nigeria’s manufacturing competitiveness and economic growth.

The group said high production costs, unreliable electricity and poor logistics infrastructure were making it difficult for local manufacturers to compete with businesses in other African countries.

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Co-facilitator of the NESG, Lumun Feese, made the call during a breakout session on building an integrated industrial ecosystem at the 32nd Nigeria Economic Summit in Abuja on Tuesday.

Feese said Nigeria needed a coordinated approach to industrial development to address structural challenges and enable local businesses to compete effectively across the continent.

She disclosed that Nigeria had dropped from eighth to 14th position on the African Development Bank’s Africa Industrialisation Index, although she noted that the latest ranking followed changes in methodology and the inclusion of more countries.

“We are not maximising our potential and our large economy,” she said.

“How do we go and compete in South Africa when our cost of production is so high? Power, logistics and so on and so forth.”

She said Nigeria needed to move beyond serving its domestic market and build the capacity to supply goods to other African countries.

The proposed Industrialisation, Competitiveness and Regional Integration Council would serve as a central coordinating platform within the Presidency, aligning government policies, improving implementation of the National Industrial Policy and strengthening private-sector participation.

Feese said Nigerian businesses required reliable electricity, efficient transportation systems and lower production costs to benefit from the African Continental Free Trade Area, which provides access to a wider continental market.

She added that the recommendations followed consultations covering mining, the blue economy, power, oil and gas, and industrial competitiveness.

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The NESG co-facilitator urged businesses and other stakeholders to sustain their engagement with the group’s Industrial Policy Commission, stressing that coordinated policies and consistent implementation were necessary to achieve measurable industrial growth.