Nigeria Has What It Takes. How Do We Convert It Into Value?

BY KOLA ADESINA Nigeria has spent decades talking about its potential. We have the resources, talent, market and entrepreneurial drive. The opportunity before us is to translate these advantages into competitive industries, productive jobs and lasting prosperity.Natural resources alone do not create wealth, a young population does not guarantee a productive workforce, and a large market does not automatically translate into successful businesses. The value is in the productive capacity we build around these advantages.Therefore, our next phase of development offers an opportunity to connect these advantages more deliberately and build an economy that produces more, competes better and creates broader prosperity. Nigeria’s economy grew by 4.43 percent in real terms in the second quarter of 2026, according to the National Bureau of Statistics. This provides a positive foundation; the opportunity now is to strengthen the link between economic growth, productive capacity, employment and earning capacity of our people. The quality of our growth matters. We need businesses that produce more efficiently, industries that create valuable products, workers whose productivity and earnings improve, and Nigerian enterprises that win customers beyond our borders. These outcomes are within reach when the conditions for production and enterprise work together.Consider natural gas; its value extends beyond the commodity sold to a buyer. Gas can supply fertilizer plants, petrochemical facilities and other industries that create products, employment and export earnings. Indorama Eleme illustrates this possibility. Its operations in Rivers State combine Nigeria’s gas resources with industrial investment, technology, production capacity and dedicated export infrastructure. The company commissioned a major urea fertilizer plant in 2016 and subsequently expanded its production capacity. In 2025, Indorama Eleme Fertilizer & Chemicals was Nigeria’s largest non-oil exporter by value, accounting for 13.13 percent of the country’s recorded non-oil export receipts, as reported by the Nigerian Export Promotion Council (NEPC). The significance is that natural resources can support much more than the sale of raw commodities. With the right investment and capabilities, they can become the foundation for industrial production and participation in global value chains.This is what converting potential into value looks like. Nigeria can apply this approach in agriculture, solid minerals and other sectors. The priority is to identify activities in which we can compete commercially, develop the necessary capabilities and build businesses around genuine market demand. Local production creates lasting value when it is efficient, sustainable and capable of meeting customers’ expectations. Our domestic market provides a strong foundation for this ambition. Demand for food, housing, transport, healthcare, energy and technology creates opportunities for businesses to grow and achieve scale. The opportunity is to help more Nigerian enterprises meet that demand competitively while developing the capacity to serve regional and global markets.This requires an environment in which producing locally is commercially viable. Manufacturers need reliable electricity, efficient transport, access to finance and skilled workers. Agricultural processors need consistent supplies, storage and distribution networks. Exporters need quality certification, dependable logistics and the capacity to fulfill orders. When these conditions improve together, businesses can invest with greater confidence, raise productivity and compete effectively. A stronger domestic production base can then support employment, supplier development and export growth. Without a doubt, energy is central to this process because electricity supports almost every productive activity, from manufacturing and food processing to digital services. The World Bank reports that 62.5 percent of Nigeria’s population had access to electricity in 2024. Therefore, reliable and affordable supply is important for businesses seeking to expand production and control operating costs. The opportunity extends beyond increasing electricity generation. We can strengthen the entire chain from generation and transmission to distribution and productive use. Commercially sustainable electricity markets, targeted infrastructure investment and energy solutions suited to industrial requirements can help more businesses operate reliably. Energy investment delivers wider economic benefits when it enables factories to increase output, processors to preserve produce, enterprises to meet delivery schedules and investors to establish viable operations. Connecting energy planning with industrial development can therefore strengthen both sectors.Our people offer another important advantage. Nigeria has talented professionals, entrepreneurs, artisans and young people with the capacity to develop businesses and solve complex problems. The opportunity is to connect these capabilities more closely with productive enterprise. Education and technical training can become more responsive to industry needs. Businesses can invest in technology, workforce development and better production processes. Financial institutions can support viable enterprises, while public institutions can continue improving the conditions for businesses to establish, operate and expand. Talent creates greater economic value when skills are applied to opportunities. Our ambition should be to develop people who can build products, improve services, solve industrial problems and help Nigerian businesses compete. Exports provide an important measure of this competitiveness. The Nigerian Export Promotion Council (NEPC) reported that non-oil exports reached US$6.1 billion in 2025, an increase of 11.5 percent from 2024. This is the highest officially recorded value of non-oil exports in Nigeria’s history. Nigerian businesses exported 281 non-oil product categories to 120 countries. The performance demonstrates the opportunities available beyond our domestic market. Building on it will require more businesses capable of meeting international standards, producing consistently, fulfilling large orders and competing on quality and price. However, policy has an important role to play in making this possible. It also presents an opportunity to deepen the capabilities behind our exports through processing, packaging, technology, logistics and local supplier development. The African Continental Free Trade Area (AfCFTA) offers an expanded regional market in which Nigerian businesses can build scale and strengthen their competitiveness. Market access creates an opportunity, but the ability to deliver value determines if a business succeeds. Our focus should be on helping Nigerian enterprises develop products and services that customers choose because they are competitive, reliable and fit for purpose.Realizing these opportunities calls for deliberate choices. Nigeria has many sectors with potential, but investment and policy attention have the greatest impact when directed towards activities with credible commercial prospects, strong links to domestic capabilities and opportunities for productive employment. Infrastructure investment, access to finance, skills development and regulatory improvements can reinforce one another when aligned with clear economic priorities. Public incentives can help address specific constraints, while commercial discipline ensures that businesses develop the capacity to compete beyond the period of support. The results should be measured in terms of greater productivity, stronger industrial capacity, more productive employment, diversified exports and improved household incomes. These outcomes offer a clearer picture of economic value creation than activity alone.Meanwhile, the private sector has an important role in this process. Businesses can strengthen their contribution to the economy by investing in productive capacity, developing suppliers, building skills and improving efficiency. Financial institutions, educational establishments and public institutions can reinforce these efforts by supporting viable investment and developing the capabilities required for growth. When these contributions work together, the success of individual enterprises can create opportunities across industries and communities.Nigeria’s economic opportunity is in connecting what we already possess with what we can build. Our natural resources and talent can drive competitive, innovative industries. Backed by a scalable domestic market and a strengthened energy sector, Nigerian exporters can be positioned to drive industrial growth and capture global markets.The opportunity is to bring these elements together in a way that creates more value from every unit of labour, capital, energy and natural resources we deploy. Nigeria has what it takes. Our next phase of development should be defined by what we produce competitively, the markets we serve successfully and the prosperity we create in the process.