The summit, themed “Growth that Works: Delivering Jobs, Productivity and Shared Prosperity”, will examine these issues under the NESG’s “Scale Nigeria” initiative, which seeks to promote broader participation in economic growth across the country.
Economic Activity Remains Concentrated in Major Cities
NESG said Nigeria’s economic activity remains heavily concentrated in major urban centres including Lagos, Abuja, Kano and Port Harcourt, while several states with significant agricultural, mineral and tourism potential remain underdeveloped.
The group said the concentration has contributed to infrastructure congestion in major cities and encouraged migration from rural areas towards urban centres.
At the same time, economic opportunities in other parts of the country remain underutilised despite the availability of resources and productive sectors that could support local growth.
NESG argued that each state has economic strengths that can contribute to national development when supported by appropriate infrastructure, investment and policies.
States Urged to Build on Local Economic Strengths
The group identified several examples of economic opportunities that states can develop according to their comparative advantages.
Kebbi and Niger were cited for their rice production potential, while Plateau has opportunities in horticulture. Cross River has strengths in tourism and cocoa, Kano has an established trade and manufacturing base, while Ondo and Delta possess opportunities in solid minerals and timber.
NESG’s approach places greater emphasis on connecting these productive activities to infrastructure, processing capacity and markets rather than allowing states to operate as isolated economic centres.
The objective is to create stronger regional economies that can contribute to national output while generating employment closer to where economic resources are located.
Regional Value Chains Seen as Key to Wider Growth
NESG said the development of regional value chains would be central to achieving more balanced economic growth.
This would involve linking production centres with processing facilities, transport networks and export markets so that more economic value can be retained within regions.
For example, agricultural production can generate greater economic activity when farmers are connected to processing facilities, storage, logistics and markets rather than relying primarily on the movement of raw commodities to distant commercial centres.
The same principle applies to manufacturing and natural-resource sectors, where reliable infrastructure and processing capacity can support investment and create additional businesses around production corridors.
Infrastructure Remains Central to State-Level Development
NESG stressed that infrastructure development will be essential if states are to unlock their economic potential.
Roads, rail networks, electricity, digital connectivity and water supply were identified as important foundations for balanced economic development.
Improved infrastructure can also influence the location of businesses and investment by reducing transportation costs, improving access to markets and making previously underserved areas more commercially viable.
For the property market, this creates an important link between infrastructure development and the expansion of residential, commercial and industrial activity beyond established urban centres.
Better Land Administration Could Improve Investment
NESG also identified efficient land administration as part of the reforms required to improve investment climates across states.
Clear regulations, investor-friendly policies and better governance can reduce uncertainty for businesses and investors considering new projects.
Land administration is particularly important to property development because delays in land documentation, unclear processes and regulatory uncertainty can increase project timelines and costs.
More efficient systems could therefore support investment in housing, commercial property, industrial developments and other forms of urban infrastructure where land availability and secure tenure are critical to project viability.
Balanced Growth Could Ease Pressure on Major Cities
A more even distribution of economic opportunities could have implications for Nigeria’s rapidly growing cities.
When jobs, businesses and investment remain concentrated in a few major urban centres, population growth can increase pressure on housing, transportation, infrastructure and other public services.
Developing secondary cities and regional economic centres could create alternative destinations for investment and employment while reducing some of the pressure associated with rapid migration into Lagos, Abuja and other major cities.
However, this would require more than simply attracting businesses. States would also need to provide housing, transport, electricity, water, digital connectivity and other infrastructure required to support growing populations.
Housing and Real Estate Could Benefit From Regional Development
The NESG’s subnational development agenda has a direct connection to Nigeria’s housing and real estate markets.
New industrial, agricultural and commercial activity can create demand for housing, warehouses, offices, retail space and other supporting property infrastructure.
Where infrastructure investment is coordinated with economic development, emerging production and employment centres can develop into more sustainable urban markets rather than isolated economic zones.
For developers and investors, the expansion of regional economic corridors could also create opportunities outside Nigeria’s most established property markets, although the viability of such investments will depend on infrastructure quality, population growth, purchasing power and the strength of local economic activity.
Outlook
NESG’s call places state governments at the centre of efforts to broaden Nigeria’s economic growth beyond a small number of major cities.
Unlocking the economic potential of individual states will require a combination of infrastructure investment, efficient land administration, investor-friendly policies, regional value chains and stronger links between local production and markets.
For Nigeria’s housing and real estate sector, the success of this approach could help create new development corridors and distribute demand more widely across the country.
The broader challenge will be ensuring that economic investment translates into productive jobs and adequate infrastructure, allowing new economic centres to support sustainable communities rather than simply reproducing the infrastructure and housing pressures already experienced in Nigeria’s largest cities.