High production costs threaten Nigeria’s industrial competitiveness, Feese warns

The Nigeria Economic Summit Group warned that high production costs, unreliable electricity and inadequate logistics infrastructure are undermining the country’s industrial competitiveness. Lumun Feese, the group’s co-facilitator, called for a council within the Presidency to coordinate industrialisation policies and improve implementation of the National Industrial Policy. Speaking at the 32nd Nigeria Economic Summit in Abuja, she said Nigeria had fallen from eighth to 14th on the African Development Bank’s Africa Industrialisation Index, while noting that the methodology and number of countries included had changed. Feese urged action to lower costs and improve power and transport so Nigerian businesses can serve other African markets and benefit from the African Continental Free Trade Area.