NIGERIA ECONOMIC SUMMIT 2022 OUTLOOK

NIGERIA ECONOMIC SUMMIT 2022 OUTLOOK

  The Nigeria Economic Summit Group NESG says that Nigeria needs to achieve a paradigm shift in governance and policy design to sustain and accelerate economic growth in 2022. Chief Executive Officer of the NESG, Mr. Laoye Jaiyeola, who made the suggestion in the group’s Macroeconomic Outlook for 2022, said that the year presented opportunities

 

The Nigeria Economic Summit Group NESG says that Nigeria needs to achieve a paradigm shift in governance and policy design to sustain and accelerate economic growth in 2022.

Chief Executive Officer of the NESG, Mr. Laoye Jaiyeola, who made the suggestion in the group’s Macroeconomic Outlook for 2022, said that the year presented opportunities to initiate critical reforms to achieve the shift.

He warned that failure by the Federal Government to embark on the reforms could worsen challenges the country encountered in 2021.

The role of government, he pointed out, is to ensure that reforms translate to a friendly business environment and better welfare conditions for households.

Loaye Jaiyeola said Nigeria is rapidly consolidating its recovery from the COVID-19 pandemic, noting, however, that the recovery had not been all-inclusive.

In spite of a GDP growth of 3.2 percent in the first three quarters of 2021 he noted data from the National Bureau of Statistics show that average prices of goods and services were high, trade balance remained in deficit, and foreign investment inflow was constrained.

The NESG boss also said, although Nigeria had enormous potential, job creation across sectors was lagging, resulting in an increase in unemployed individuals.

The challenges associated with insecurity, rising prices, unemployment, and lower investments, he added, intensified the need for reforms that will lead the country to substantial economic progress and improved social inclusion.

He specifically called for deregulation of the country’s oil sector to boost investments and also save huge government revenue expended on fuel importation.

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