A global reset is quietly but powerfully underway. Multinational companies, rocked by supply chain disruptions, rising labour costs and geopolitical uncertainty, are redrawing their maps. The question is: will Nigeria position itself to be on the new map—or will we once again be spectators to history?
“Infrastructure, infrastructure, infrastructure: Reliable electricity, good roads, port efficiency, and broadband access are non-negotiables. Without these, the cost of doing business will always outweigh the labour savings we offer.”
China’s dominance as the world’s manufacturing engine is being tested. In 2024, average monthly labour costs in China surpassed $4,200, prompting a growing number of companies to diversify operations to more affordable and geopolitically stable environments. Vietnam, with monthly wages averaging $323, and India, where the average annual worker income stands at $1,656, have rapidly become attractive alternatives. Nigeria is not yet part of this shortlist—but we should be.
The untapped advantage
Nigeria offers a mix of economic and demographic advantages that global investors typically seek. We have a large population—over 220 million people, most of them young. Our geographic location makes us a natural trade and logistics hub for West Africa. Our labour costs remain among the lowest globally: the recently proposed minimum wage of ₦70,000 (~$44/month) is still significantly lower than wages in Southeast Asia. These factors position us favourably for co-location, nearshoring, and global business process outsourcing.
Moreover, trade data show promise. According to the National Bureau of Statistics, Nigeria recorded a total foreign trade volume of N138 trillion in 2024—more than double the N71 trillion recorded in 2023. This indicates that despite internal challenges, there is growing commercial activity and opportunity.
But despite these numbers, Nigeria remains “potential energy”. Without deliberate, strategic action, our advantages will mean little. The world is looking for new destinations to produce goods and deliver services—destinations with reliability, structure, and forward-thinking policy. We cannot afford to stay idle.
Read also: Top 10 products Nigeria imports from China
What Nigeria must do—now
To seize this moment, Nigeria needs to act decisively on several fronts:
Infrastructure, infrastructure, infrastructure: Reliable electricity, good roads, port efficiency, and broadband access are non-negotiables. Without these, the cost of doing business will always outweigh the labour savings we offer.
Reform our business environment: Nigeria continues to rank poorly on global indices for ease of doing business. Investors need predictability—transparent taxation, efficient regulation, and speed in permits and licensing. We must eliminate red tape and graft if we are to compete.
Equip our workforce: There’s no shortage of people; the shortage is in practical, job-ready skills. Vocational and technical education must be prioritised to create a talent pool that can actually serve global industries.
Scale special economic zones (SEZs): SEZs, when well run, can be powerful magnets for investment. Nigeria has started this journey, but more needs to be done in terms of governance, infrastructure inside the zones, and investor incentives.
Leverage AfCFTA: With the African Continental Free Trade Area (AfCFTA) agreement in place, Nigeria can become the production and distribution centre for Africa, only if we invest in intra-African logistics and position our trade policies accordingly.
Intentionally tell the Nigerian story: Nigeria’s perception problem is real—and often self-inflicted. We must begin to boldly tell our investment and innovation stories to the world. The narrative must shift from crisis to opportunity.
The role of citizens
While policy direction and infrastructure are largely the domain of government, citizens are not powerless. Entrepreneurs, investors, consultants, and professionals must start building for the future we want to see. From local manufacturing startups to digital outsourcing platforms, there are countless ways we can begin to plant the seeds of global relevance.
We must also demand better. Apathy has never built a nation. Informed civic engagement, policy advocacy, and strategic collaboration are now our patriotic duties.
A closing word
This is about more than economics. It is about jobs. About dignity. About national security. About giving our young people a reason to stay, to build, and to believe.
If we miss this window—if we continue to talk while others build—we risk becoming irrelevant in a rapidly evolving world economy. The next industrial frontier is being shaped right now. Nigeria must not be late to the table. We have the ingredients. What we need is the will. The world won’t wait. And neither should we.
George Enema is a creative entrepreneur, communications expert and productivity advocate.
