NIGERIA RISKS FUTURE CRISIS WITHOUT SCALABLE INNOVATION – NESG

Nigeria could face deeper economic and social challenges in the future if it fails to develop and scale innovations that address the country’s major development problems, the Nigerian Economic Summit Group has warned.

The group said innovation must move beyond ideas and pilot projects to solutions that can be adopted widely across sectors of the economy.

According to the NESG, Nigeria needs scalable innovations in areas such as agriculture, healthcare, education, energy, transportation, and digital technology to improve productivity and create new economic opportunities.

It noted that the country’s large population and growing demand for essential services require solutions capable of reaching millions of people rather than initiatives that remain limited to small communities.

The group also stressed the importance of stronger collaboration between government, businesses, investors, universities, and technology companies in developing and scaling innovative solutions.

Stakeholders said access to funding remains a major challenge for innovators, particularly those seeking to move from early-stage ideas to commercially viable businesses.

They called for policies that improve access to finance, infrastructure, skills, research support, and markets for innovative companies.

The NESG also urged policymakers to create an environment that encourages experimentation while ensuring that successful innovations can be adopted across the country.

Experts said strengthening Nigeria’s innovation ecosystem could improve competitiveness, create jobs, attract investment, and reduce dependence on imported solutions.

The group warned that failure to act could make existing economic pressures more difficult to manage as the country’s population and development needs continue to grow.

It called for sustained investment in innovation and stronger partnerships to ensure that Nigerian solutions can achieve scale and deliver lasting economic impact.