Experts at the ongoing Nigerian Economic Summit have emphasised the need for a competitive economy that surpasses political interests and focuses on supporting MSMEs, addressing food security, and fostering a sense of urgency in implementing reforms for national prosperity.
Mansur Ahmed, Group Executive Director, Dangote Group, in a panel discussion, argued that the focus on political agendas hinders genuine economic progress and prosperity for all citizens.
He said the government prioritises the country’s economic goals over political rivalries, advocating for a collaborative approach to implement recommendations that could drive sustainable growth and reduce conflict.
According to Ahmed, an interface between the political and economic processes must be created. He urged that the economic processes be decoupled from the political interests in Nigeria to foster prosperity for all citizens.
“If we just replace all our focus on politics, we are going to be in a visible process. To build prosperity, we must stop looking at things from a political angle.
“The economy must work for all of us, regardless of political differences. We should identify what we want for the economy and reduce conflicts driven by a political nature. We have to move forward and implement all the recommendations without political competition.”
Dotun Suleiman, the chairman of Parthian Partners said Nigeria must create a competitive economy rooted in meritocracy, highlighting that such a framework is crucial for sustainable growth and development.
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“What we need is a competitive economy. We must remove all distortions that affect the smooth and efficient running of the economy, including subsidies, exchange rates, and rigged policies.
“We need to ensure that we get value for the money spent, as there’s a discrepancy between government spending and the outcomes. It’s essential to focus on a competitive economy based on merit.”
Ifuko Omoigeui, the former executive vice Secretary at the Federal Revenue Inland Services, attributed Nigeria’s slow economic growth to division in the country. She highlighted the need for a unified purpose that transcends age, ethnicity, and religion to foster national cohesion.
“We are divided at different levels, age, ethnicity, and even within the same religion. Our purpose as Nigerians is to work towards a common goal, regardless of where we are. If we can galvanise and reinforce that one purpose, we can remain united even as administrations and leaders change.”
Joseph Jaiyeola, the former CEO of Nigerian Economic Summit Group, urged that the government be credible and live by the reforms they propose to earn public trust.
“No true reforms come without a price; the government must make itself believable. The only way I can be credible is by living my life in a way that reflects those reforms.
“Governments must show and display their commitment to reforms, actions must align with words. We should focus on doing what needs to be done in one area effectively before looking to expand elsewhere.”
On her part, Wonu Adetayo, a board member of NESG, emphasised the importance of supporting MSMEs and addressing food security as critical areas for economic growth and stability.
“I am in total agreement that there’s no single thing that can make a huge difference, we need to address multiple areas, particularly the support for MSMEs, which is crucial for our economy. Currently, over 80 percent of employment is generated by MSMEs, yet they are not receiving the adequate attention they require to thrive and catalyse economic growth.”
“We are facing a looming food security crisis, and the shortages will soon become apparent. For instance, just days ago, I couldn’t find essential supplies like Dimifal in the market. To ensure food security, we must first tackle the insecurities that are driving people away from agricultural production, which is vital for our sustenance.
“What we need now is a huge sense of urgency; we appear to be on an express road to a looming disaster, and we must recognise and address this before it’s too late.”
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