Economists have called on the Federal Government to increase investments in the industrial and crude oil sectors as part of efforts to sustain Nigeria’s recent economic growth.
Prof. Sherifdeen Tella, an Economics lecturer at Babcock University, said on Thursday that targeted interventions in the industrial sector would accelerate Gross Domestic Product (GDP) growth.
According to him, the government should provide financial support to domestic firms in strategic industries, with repayment structures similar to the U.S. bailout packages during the 2008 global financial crisis. He also suggested subsidising energy—particularly electricity and petrol—to stimulate productivity.
Tella added that tackling oil theft and boosting crude output could enhance Nigeria’s export earnings. “This will encourage more players to venture into the sector and increase exports to the global market, thereby generating additional revenue for the government,” he said.
Also speaking, Dr. Uju Ogubunka, former Executive Secretary of the Chartered Institute of Bankers of Nigeria (CIBN), emphasised the importance of security in sustaining economic growth. He noted that insecurity in rural areas had reduced agricultural output, with direct consequences for market supply.
Ogubunka further advised the government to prioritise infrastructure renewal. He highlighted the need for consistent electricity supply and the completion of railway projects to attract investments and stimulate economic development.
The National Bureau of Statistics (NBS), in its Q2 2025 GDP report, revealed that Nigeria’s economy grew by 4.23% year-on-year in real terms, compared to 3.48% in Q2 2024. The agency stressed that consolidating these gains would require deeper reforms and targeted investments.