Vice President Kashim Shettima has officially opened the landmark Jigawa Investment Summit in Dutse, where he emphasized that the collective economic advancement of Nigeria relies heavily on the ability of its constituent states to harness their distinct resources and attract private capital. Delivering the goodwill message of President Bola Ahmed Tinubu, the Vice President stated that the federation truly flourishes when individual states drive localized expansion, move past structural dependencies, and unlock sustainable opportunities.

Speaking at the flag-off ceremony of the 2026 Jigawa Investment Summit, Shettima pointed out that key policy reforms implemented by the central administration, such as foreign exchange liberalisation and the Business Facilitation Act, are building strong investor confidence across the country. He specifically cited the landmark Electricity Act as a critical regulatory shift that empowers states to license, generate, and distribute independent power, effectively positioning them to foster robust industrial clusters.

The Vice President also commended the host state for its commendable agricultural achievements, notably its contribution of nearly 40 percent of the national wheat output during the preceding farming season. According to him, the challenge moving forward within the framework of the Jigawa Investment Summit is transitioning this expansive local potential into bankable, job-creating pipelines that actively foster shared national prosperity.

With state governments managing the precise locations where development happens and factories operate, Shettima reiterated that sub-national responsive institutions must proactively eliminate bureaucratic bottlenecks. He concluded that unified economic progress across all 36 states remains Nigeria’s greatest strength for long-term industrialization and sustainable growth.

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Engineering professionals in Nigeria have called for increased support for infrastructure development and stronger industrial training opportunities to bridge the gap between academic learning and practical industry experience.

The call was made at the “Ease of Doing Business” series organised in partnership with the Nigerian Society of Engineers (NSE), Ikeja Branch.

Industrial Training Opportunities Under Pressure

Speaking at the forum, former Chairman of the NSE Ikeja Branch, Mr Akintayo Akintola, stressed the need to expand industrial training opportunities for young engineers to improve competence and hands-on experience.

He noted that while the engineering profession in Nigeria has grown significantly in terms of manpower, opportunities for practical exposure have not kept pace.

“The engineering profession in Nigeria has grown in numbers, but opportunities have not kept pace,” he said.

Akintola, Managing Director of Charlie Debbie Consult, explained that industrial training, once a structured pathway for students to gain professional exposure, has become increasingly difficult due to limited placement opportunities.

Fewer Companies, Fewer Training Spaces

He expressed concern over the shrinking private sector space available for engineering internships and attachments.

“What we have today is fewer hands-on placements for the very professionals the system was built to serve,” he said.

“More companies are closing down rather than opening up, and the spaces are getting tighter every day.”

According to him, the decline in operational companies has reduced the number of available training slots for engineering students and young professionals.

Concerns Over National Data and Planning Systems

Akintola also raised concerns about Nigeria’s weak data infrastructure, arguing that the country lacks reliable systems for population tracking and development planning.

He said inadequate political will has hindered the deployment of engineering-driven solutions needed for effective national development.

“The government has consistently refused to empower engineers with the tools and mandates necessary to build the systems the country needs,” he said.

He further criticised inconsistent policy direction, noting that the absence of continuity in development planning has contributed to infrastructure gaps.

Lessons From Past Infrastructure Projects

Akintola referenced earlier development eras, particularly the 1970s, when long-term planning led to major infrastructure projects such as the Lagos-Ibadan Expressway and the Third Mainland Bridge.

He said such projects were made possible by consistent policy direction and sustained commitment to national development goals.

Engineers Push for Economic Growth Role

Chairman of the NSE Ikeja Branch, Nimot Muili, said the forum was designed to highlight the contributions of Nigerian engineers to both local and international development.

She said the initiative also focused on engineering-led solutions, alternative dispute resolution mechanisms for businesses, and the role of engineering in strengthening economic growth.

Engineering Key to Business Environment Reform

Muili emphasised that engineering innovation, infrastructure policy, and technical expertise are critical to improving Nigeria’s business environment.

“As a branch, we are committed to showcasing engineers, investors, innovators and professionals who are making significant contributions to economic growth and national development,” she said.

Stakeholders at the forum agreed that strengthening industrial training systems and expanding infrastructure investment will be essential for improving Nigeria’s engineering capacity and supporting long-term national development.

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When President Bola Tinubu unveiled his ambitious economic reforms in 2023, many hoped Nigeria would finally overcome the chronic obstacles choking business growth.

But two years on, importers, manufacturers and exporters say the on-ground reality still feels unchanged — slow, expensive and unpredictable.

Despite federal assurances and international praise for early reforms, operators across key sectors insist the nation’s business climate remains one of the biggest threats to economic progress.

Experts warn that Nigeria now loses between $12 billion and $20 billion every year due to inefficiencies that have become entrenched in daily operations.

“A process that should take hours now takes weeks”

At Apapa Port, importer Chinedu Okoye watches trucks struggle through long queues, waiting for a container carrying industrial components meant for a factory already idle for two weeks.

“This container should not stay more than three days,” he says. “But I now spend 14 to 18 days at the port. With demurrage, informal payments, and trucking costs, I lose ₦1.2m to ₦2m per container.”

For his 40-container annual import cycle, the delays alone cost him up to ₦70 million every year.

Terminal operators blame poor road access and bottlenecked berths, while freight forwarders point to duplicated inspections that slow processes to a crawl.

Even the Nigeria Customs Service admits coordination among agencies remains weak.

Manufacturers: “Power alone destroys your competitiveness”

In Ogun State’s industrial corridor, SME co-founder Amina Yusuf flips through another painful energy bill — a combination of unreliable grid electricity and diesel required to keep production running.

“We run generators for 70 per cent of production hours,” she says. “We spent ₦54 million on diesel in 2024 alone. Power costs have doubled our production expenses.”

Amina can no longer guarantee delivery timelines, causing FMCG and pharmaceutical clients to reduce their orders. Foreign buyers, she adds, now avoid Nigerian packaging producers entirely.

The Manufacturers Association of Nigeria (MAN) confirms that over 300 factories shut down or suspended operations between 2021 and 2024, with high energy costs and FX challenges among the leading causes.

Exporters count multimillion-dollar losses

Cashew exporter Kehinde Arowosaye had goods worth $118,000 damaged last year after a shipment got stuck at the port for 27 days.

“Cashew loses value in humid conditions after four weeks,” he explains. “One bad shipment and international buyers drop you.”

The National Cashew Association of Nigeria estimates the country loses about $250 million annually to logistics delays and transport inefficiencies.

Experts: Nigeria bleeds up to 5% of GDP yearly

Economists interviewed by New Telegraph say the cumulative cost of delays, inefficiencies, and policy inconsistencies equals 4–5% of GDP.

“These are not theoretical losses,” says economist Dr. Abdul-Ganiyu Bello. “They show up in factory closures, high import bills, and missed export opportunities.”

Six major structural problems holding businesses down

1. Chronic power shortages and rising energy costs
Businesses now spend 20–40% of operating costs on power — far above global averages.

2. Ports still slow despite partial digitisation
Customs processes are digital, but many inspection agencies still rely on paper systems, creating a half-digital, half-manual mix that slows movement.

3. Multiple taxation and excessive levies
SMEs face more than 50 different taxes across all tiers of government, undermining survival rates.

4. FX instability and unpredictable policy shifts
Businesses struggle to plan, with many forced into parallel-market sourcing.

5. Weak contract enforcement and slow courts
Commercial disputes can take up to seven years to resolve.

6. Insecurity and transport risks
Manufacturers now factor in security escorts and higher insurance costs, particularly in northern corridors.

Why reforms haven’t worked

Experts cite three core reasons:

A. Fragmented policy implementation between federal, state, and local authorities.

B. Resistance from vested interests benefiting from inefficiency and informal revenue channels.

C. Weak institutional capacity, including poor infrastructure, outdated systems and inadequate manpower.

The human cost: shrinking businesses and abandoned expansion plans

Amina, the manufacturer, has suspended plans to expand production.
Arowosaye, the exporter, has reduced commitments by 40%.
Okoye, the importer, has cut staff from 12 to five.

“It’s not that we can’t sell,” Okoye says. “It’s the operating costs that are killing businesses.”

What business leaders are demanding

• Stable power and affordable energy
• Predictable FX access
• Unified national tax framework
• Full port digitisation with all agencies on one platform
• Faster contract enforcement through digitalised courts

Federal officials insist reforms are underway, though they admit results will take time.

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The National Assembly has restated its commitment to enacting business-friendly laws and tax incentives to draw foreign investment into Nigeria’s economy.

Chairman of the House of Representatives Committee on Foreign Affairs, Oluwole Oke, made the pledge on Wednesday while addressing parliamentarians at the Global South Legislators’ Summit in Urumqi, China.

Oke, who represents Obokun/Oriade Federal Constituency of Osun State, said the legislature had been backing President Bola Tinubu’s economic reforms. “Our parliament has been supportive of reforms that ease business operations,” he said.

He noted that Nigeria’s population offers “a vast market and opportunities across multiple sectors” and urged for deeper collaboration among Global South nations based on “mutual respect, equal partnership, and shared benefits.”

Oke reminded delegates that Nigeria had signed agreements promoting regional integration, including visa-free access for Chinese diplomats. He called on the summit to “look at the global south, not only as a political alliance but as a platform to deepen economic ties, transfer technology, promote climate-friendly policies, and ensure prosperity for our people.”

He also used the forum to solicit support for Nigeria’s bid for a non-permanent United Nations Security Council seat and invited Chinese investors to explore opportunities in aviation, energy, and agriculture.

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