The Nigerian Economic Summit Group (NESG) has said agriculture and manufacturing must become the primary drivers of Nigeria’s economic growth if the country is to achieve inclusive and sustainable development.

The think tank also stressed that the current growth rate of about three per cent is insufficient to lift citizens out of poverty, noting that the economy needs to expand by at least six per cent for ongoing reforms to have a meaningful impact on people’s lives.

Head of Research at NESG, Dr. Joseph Ogebe, made this known during a presentation on the March 2026 Business Confidence Monitor (BCM) and the organisation’s second-quarter outlook.
He acknowledged that the reform initiatives of the current administration have begun to yield positive results, pointing to improvements in GDP growth, exchange rate stability, and moderating inflation.

According to him, Nigeria has moved from a crisis phase to a recovery stage where it must now consolidate gains.

“If you compare GDP growth in the pre-crisis period of 2023 with current figures, the difference is clear. Growth was between 2.5 and 2.9 per cent in 2023, but it has now improved to about 3.9 per cent,” he said.

However, Ogebe warned that such growth levels remain inadequate.
“Three per cent growth cannot reduce poverty. We need higher and more inclusive growth,” he stated.
He explained that Nigeria’s growth pattern remains narrow, driven largely by a few sectors such as financial services, ICT, and occasionally oil and gas.

“The critical question is: what about agriculture, manufacturing, trade, and construction? These sectors are underperforming. In 2025, manufacturing and agriculture grew by just 1.5 per cent and 2.2 per cent respectively. That is far too low, especially for sectors with high job-creation potential,” he said.

Ogebe emphasised that broad-based growth across productive sectors is essential for job creation, improved livelihoods, and poverty reduction.

“What we are saying is that the growth gap must be closed—from 3.9 per cent to over six per cent—and the growth must be inclusive, cutting across sectors with high employment potential,” he added.
He also highlighted the need to address structural weaknesses in the economy, particularly fiscal stress, noting that debt servicing has risen by about 16.7 per cent.

According to him, fiscal stability is critical for sustaining growth and consolidating macroeconomic gains.
Ogebe further cautioned against policy reversals, particularly calls to reintroduce fuel subsidies in response to rising global oil prices driven by tensions in the Middle East.