Tinubu confident Nigeria will overcome economic woes

President Bola Tinubu is confident that Nigeria can overcome its current prevailing economic woes with the collaboration of private sectors and all Nigerians irrespective of tribe, religion, or political affiliation.

Tinubu who was represented by Kashim Shettima, the vice president at the 30th edition of the Nigerian Economic Summit Group (NESG) said the federal government has embarked on bold and courageous economic reforms in sectors such as agriculture and manufacturing, among others to drive growth.

However, he said the government needs collaboration from all sectors to revive the economy. “We need to harness our potential; we need collaborations from private sectors and all Nigerians.”

“The challenges before us can be overcome with the right policies. I implore every Nigerian that the challenge before us is not insurmountable, if we collaborate, we’ll overcome,” he said.

Besides, he said the country has the talents and population to drive its economy, however, he reiterated that disunity is the bigger challenge facing the country; stressing that economic growth can only be achieved through political stability.

In June 2023, Tinubu introduced some economic reforms – fuel subsidy removal, and floating of the naira which he believed were neces­sary to begin to correct the coun­try’s long-term eco­nomic demise.

However, the move accelerated inflation and trig­ger­ed the country’s worst cost of liv­ing crisis in a gen­er­a­tion.

Indermit Gill, the senior vice president for development economics at the World Bank in his speech enjoined the federal government to prioritise private sector participation in economic development and ensure adequate insulation of the poor masses.

Gill disclosed that one of the major mistakes of the Nigerian government is exposing its citizens to economic hardship instead of protecting them.

“Instead of insulating common citizens, the government made them vulnerable to harsh economic policies,” he noted.

The renowned economist said that Nigeria is at a crossroads today because it is a country with the highest population living in extreme poverty.

Atiku Bagudu, the minister for budget and economic planning in his opening remark said that President Tinubu’s economic reforms investments in Nigeria are working, especially in the insecurity fight.

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“In Nasarawa State, for instance, 95 percent of the farmers’ land occupied by the insurgency in 2023, has been recovered and cultivated this year,” he said.

Niyi Yusuf, the chairman of NESG in his address called on the government to prioritise institutional reforms to attract the needed capital.

Besides, he asked the government to ensure the comprehensive implementation of its electoral promises for the prospect of tomorrow.

The theme of the 2024 NESG is “Collaborative Action for Growth, Competitiveness, and Stability.”

Stakeholders who spoke at the vent called on the government to separate prosperity from politics.

“The federal government should separate economic development from political parties.

“The government must focus on governance, leadership by example, fix security, and focus more on developing small, and medium scale enterprises,” they say.

NESG is an independent, non-partisan, non-sectarian think tank organisation, committed to fostering open and continuous dialogue on Nigeria’s economic development.

It strives to forge a mutual understanding between leaders of thought to explore, discover, and support initiatives directed at improving Nigeria’s economic policies, institutions, and management.