January 19, 2023

2023: Moderate  growth alone not enough to boost economy — NESG

Nigeria remains Africa’s biggest economy, top investment destination – APC

Seeks comprehensive, system driven reforms, narrow income disparity

By Peter Egwuatu

The Nigerian Economic Summit Group, NESG, yesterday, emphasized that moderate economic growth only, cannot boost the economy except with a comprehensive and system driven reforms that can create value to Nigerians.

The group stated this during the unveiling of its 2023 macroeconomic outlook report, titled “Nigeria in Transition: Recipes for Shared Prosperity” held in Lagos.

The report, according to the Chief Operating Officer of NESG, Dr Tayo Aduloju, addresses pertinent questions relating to policy design, processes, and framing in creating economic prosperity for all.

The stated: “Going by different projections, the economic outlook for the year 2023 remains pessimistic for Nigeria, with only moderate economic growth in the cards—not enough to boost the long-desired robust and inclusive economic growth needed to tackle unemployment, reduce poverty incidence, and address other socioeconomic challenges.

“Comprehensive and system-driven economic reforms are needed to change Nigeria’s economic trajectory from a weak, non-inclusive and highly vulnerable narrative to one with the guiding principle of creating economic value and benefits for all.”

The report added that, “Driving this economic agenda requires a set of reforms that ensures a conducive and enabling environment for generating economic benefits and prosperity. It also requires that no one is left behind in this process”.

On what type of economic reform agenda can deliver this economic state? The report stated that  Nigeria needs an economic vision driven by clear, implementable and consistent policy reforms and an Agenda for Shared Prosperity, ASP.

On the ASP, the report explained, “Nigeria needs to implement reforms to improve the lives of its people, especially the vulnerable and create an economy that is more diversified and resilient.

“The shared prosperity framework is not only based on expanding the economic pie to be shared but also ensuring that the income disparity is narrowed. The underlying principle is not to redistribute a percentage of an existing pie but to continuously expand the size of the pie and share it so people can improve their quality of life as quickly as possible. Sustainably expanding and sharing prosperity entails monetary and non-monetary dimensions of economic efficiency and well-being for the current and future generations.”