In an era of unprecedented economic challenges and growing social discontent, the Nigerian Economic Summit Group, NESG, is calling for urgent reflection and rethinking of economic systems to address underlying structural issues.
NESG Chairman, Mr. Niyi Yusuf, during the global press conference of the 30th Nigerian Economic Summit (NES#30) in Abuja, noted that the rising cost of healthy food has worsened the multidimensional poverty rate, which stood at 62.9% in 2022. Nigeria also ranks low on the Human Capital Development Index (HCDI), with a score of 0.55, ranking 161 out of 191 countries.
Yusuf stressed that one of Nigeria’s major concerns today is translating economic growth into improvements in the lives and livelihoods of all its citizens, which requires policymakers to think differently to achieve good results.
With the current economic turmoil, Yusuf said “only collaborative action between government, business and civil society can unlock Nigeria’s vast potential.”
The NESG Chairman, referring to the recent 3.2% GDP growth in Q2 2024, 1.4% growth in agriculture and 3.53% in industry, as well as a 4.5% decline in services, noted that Nigeria’s poor economic performance is reflected in declining living standards, with per capita income falling from US$2,162.60 in 2022 to US$1,645.76 in 2023.
“The rising cost of healthy food has likely worsened the multidimensional poverty rate, which stood at 62.9% in 2022,” he added.
Despite the challenges, Yusuf stressed that the country’s potential is undeniable. In the face of global instability, regional volatility and domestic socio-economic uncertainty, bold and decisive action must be taken.
Despite these challenges, the NESG Chairman stressed that the country has clear potential. He mentioned that the 30th Nigerian Economic Summit provides a platform to explore these opportunities and shape Nigeria’s future towards shared and sustainable prosperity.
In conclusion, despite the challenges presented by the current economic context, Nigeria can aspire to become a leading industrialized country in Africa in the next five years. This will require political reforms, more effective policies and a competitive business environment to improve the lives of millions of Nigerians, reduce poverty and attract more foreign direct investment to the continent. The challenge is on, and together, by embracing the necessary changes, Nigeria can make significant progress.