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ECONOMY

By Prince Okafor

The Nigerian Economic Summit Group (NESG) has advised the Federal Government to focus on four issues which it noted as priorities for enhanced growth of the nation’s economy.

The four issues according to the Group are macroeconomic stability, policy and regulatory consistency, sectoral reforms, and human capital development.

The advice  was contained in the Group’s  macroeconomic outlook report for 2021, with the theme “4 priorities for the Nigerian Economy in 2021 and beyond.”

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Speaking in this regard, Chairman of NESG, Mr. Asue Ighodalo, said,  “The NESG recognises the importance of engagement for the growth of the Nigerian economy and that is why the 2021 Macroeconomic outlook report focuses on the sectors Nigeria should prioritise for growth and accelerated economic recovery.

Ighodalo further stated that this year’s macroeconomic outlook emphasizes four priorities essential to delivering a high, sustainable, and inclusive economic growth for Nigeria over the next few years and that the priorities are macroeconomic stability, policy and regulatory consistency, sectoral reforms, and human capital development.

While presenting the 2021 Macroeconomic Outlook report, Director of Research, NESG Dr. Olusegun Omisakin and Senior Economist at the NESG, Mr. Wilson Erumebor said that inflation has consistently increased to 15.8 percent and that Nigeria’s Foreign Direct Investments declined in the second and third quarter of 2020; having a significant impact on the economy.

Furthermore, Mr. Erumebor noted that the report established a lack of coherence between states and the federal government which continues to hinder the economy and also results in social and economic losses, and that policymaking should be driven by the need to create public value.

 

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