By Emma Ujah, Abuja Bureau Chief

The Nigerian Economic Summit Group (NESG) has recommended to the Federal Government three areas of priorities to sustain the growth trajectory of the economy, namely  supporting business continuity and growth, as well as boosting productivity and job creation. 

NESG Chairman, Mr. Niyi Yusuf announced the recommendations in his address at the  H1-2025 Private Sector Forum. 

 The forum under the theme “Staying the Course on Reforms: Turning Economic Gains into Social Progress” was a high-level dialogue that brought together business leaders, policymakers, and economic experts to review Nigeria’s performance in the first half of 2025, identify emerging risks, and discuss strategies to ensure that reforms deliver tangible benefits for citizens.

Another major area of priority for the government, Yusuf said, was strengthening social protection and household support.

He highlighted that reforms implemented since 2023—including the removal of subsidies, foreign exchange market adjustments, and energy sector reforms—have delivered some positive outcomes.

These include modest GDP growth of 3.1% in Q1 2025 (up from 2.3% in the same quarter of 2024), improved foreign reserves at $41 billion, a trade surplus of $5.7 trillion, moderated inflation (from 24.5% in January to 21.9%), and stronger foreign capital inflows of over $5.6 billion, largely driven by private investors.

Despite the gains, the chairman stressed that much more needs to be done to consolidate Nigeria’s recovery.

Yusuf noted that uncertainty has become the “new normal” in the global economy. While advanced economies are stabilising after early monetary tightening, emerging markets like Nigeria continue to grapple with high inflation, volatile commodity prices, and fiscal pressures.

 Presenting the outlook for H2, NESG Chief Economist, Dr. Olusegun Omisakin, noted that while the CBN’s tight monetary measures had been effective in moderating inflation, they have also constrained private sector credit, which fell from 48% in H1’24  to 2.8% in H1’25.

 He stressed that though stabilisation policies were necessary at the early stage of reforms, more focus must now be placed on growth drivers, particularly private sector investment. This has already led businesses to explore alternative financing options.

Looking ahead, Dr. Omisakin projected Nigeria’s GDP growth at around 3.8% by year-end, an improvement on the 3.1% recorded in Q1.

 However, he emphasised that the economy must aim beyond the current 3–4% range to achieve stronger expansion and competitiveness within Africa.

He noted that while headline inflation has moderated from 24.5%, it remained sticky due to structural, non-monetary factors.

The Chief Economist, therefore, urged the government to complement monetary efforts with deeper structural reforms that address these underlying challenges to consolidate stability and sustain growth momentum.

In his remarks, Mr. Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, emphasized that taxation must follow economic activity.

“Without jobs and income, tax collection cannot be effective, regardless of laws or administration,” he said.

The Chairman stressed that creating opportunities for employment and enterprise must remain the priority, as stronger businesses will naturally drive tax revenues and deepen capital market participation