Olaniyi Yusuf, chairman, National Economic Summit Group (NESG), has said that although the Nigerian economy has shown strong resilience over the years, it remains fragile due to inept policies.
At the ongoing 30th summit of the NESG held in Abuja with the theme, ‘Collaborative Action for Growth, Competitiveness, and Stability’, Yusuf said while Nigeria has made innumerable strides and its challenges are clear.
“The twin problem of income inequality and multidimensional poverty continues to cast a long shadow over our progress,” said Yusuf, while addressing the audience at the summit in Abuja.
He added, “Nigeria struggles with an uneven distribution of resources, microeconomic instability and institutional fragility that prevents us from reaching our full potential.”
According to him, the task lies on the federal government as well as all Nigerians to forge decisive reforms that can break, “these cycles of stagnation, and pave the way to reputable goals.”
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The chairman went on to say that Nigeria’s economy has over the years shown immeasurable resilience, however, it has remained fragile.
Citing data from the National Bureau of Statistics, Yusuf said in 2023 real Gross Domestic Product (GDP) slowed to 2.74 percent down from its 3.1 percent in 2022, a dip that highlighted the difficulty in sustaining momentum in persistent structural challenges in Africa’s biggest nation.
“These challenges include security concerns, human capital deficiencies and inadequate infrastructure. They’ve created a complex environment that stifles business,” Yusuf noted.
He emphasised that the summit represents a significant milestone in the organisation’s quest to build an inclusive and prosperous economy.
“Nigeria has experienced two recessions in the last decade, each exposing deep-rooted structural vulnerabilities that must be addressed with renewed urgency. Hence today’s challenges deserve a new approach to promote growth, competitiveness and stability,” Yusuf said.
Furthermore, he said multidimensional poverty continues to cast a long shadow over the country’s progress.
Therefore, Yusuf urged the country to seize the opportunities before it, including its natural resources, to improve growth, productivity and investment.
“Together we have the power to build an economy that not only withstands shocks but that will also create a lasting prosperity for all Nigerians,” he added.
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