The Nigerian Economic Summit Group (NESG), has urged the Federal Government to reassess and adjust the country’s growth strategy to achieve prosperity for all citizens.
NESG made the suggestion in its 2023 Macroeconomic Outlook with the theme, “Nigeria in Transistion, Recipes for Shared Prosperity”.
According to Mr Laoye Jaiyeola, the Chief Executive Officer (CEO) of NESG, 2023 offers a chance to implement effective and efficient reforms that will benefit the entire populace.
“In the NESG Macroeconomic Outlook for 2023, we stressed the importance of reforms in achieving shared prosperity in Nigeria.
“The report outlines the key factors that will support the two specific goals identified, and provides policy recommendations to drive the economy toward a prosperous future for all.
“Nigeria must take advantage of this opportunity to realign its growth strategy and make the necessary reforms to improve the well-being of its citizens and create a more equitable and sustainable future, ” he said.
According to Jaiyeola, in 2022, the global economy faced numerous challenges, including increased political risks, energy and food shortages and the ongoing effects of COVID-19.
“In spite these challenges, Nigeria’s economy sustained its recovery from the recession of 2020 with a 3.0 per cent expansion in real Gross Domestic Product (GDP) during the first three quarters of the year.
“However, this growth was not without its challenges. It was accompanied by increased inflationary pressure, a worsening poverty situation and increased external vulnerability in spite some improvement in the external situation
“Overall, the year 2022 presented a complex and challenging economic landscape for Nigeria, ” he said.
Jaiyeola said that in 2022, the NESG Macroeconomic Outlook emphasised the importance of implementing reforms to sustain economic recovery.
He said that the reforms were meant to address macroeconomic and sector-specific challenges in the country.
He, however, said that, in spite the efforts, the growth experienced by Nigeria did not have significant impact on the standard of living or socio-economic indicators for most of the population.
“This lack of shared prosperity highlights the urgent need for comprehensive reforms that can address the underlying issues limiting the economy’s ability to generate sufficient growth and improve the well-being of the Nigerian people.
“The country’s current socioeconomic indicators requires immediate action to address the structural issues hindering prosperity for all,” he said.