NESG URGES STATES TO COMPETE FOR PRIVATE INVESTMENT

The Nigerian Economic Summit Group has urged state governments to compete more actively for private investment by improving governance, infrastructure and the overall business environment.

The policy group said states should rely less on unsustainable fiscal incentives and instead build strong institutions, predictable regulations and efficient systems that can attract investors.

The NESG said economic activity remains concentrated in a few states and major cities, while many parts of the country remain underdeveloped despite their agricultural, mineral and other resources.

It argued that spreading productive activity across the country would expand markets, create jobs and increase Nigeria’s overall economic capacity.

The group advised states to develop investment strategies based on their individual strengths rather than adopting similar economic models.

It cited rice production in Kebbi and Niger, horticulture in Plateau, tourism and cocoa in Cross River, and manufacturing opportunities in Kano as examples of areas with potential.

The NESG also called for stronger regional value chains linking producers, processors, logistics operators and markets across state boundaries.

It said investment in roads, rail, electricity, water, warehouses and logistics would be necessary to support these value chains and enable states to attract more private capital.