The Federal Government of Nigeria is projecting that the economy of Africa’s most populous country will achieve a target of $1trillion in 2026 and $4 trillion in 2035.
President Bola Tinubu while declaring open the 29th Nigerian Economic Summit (NES #29), on Monday in Abuja, assured that there will be no strike in his administration because the children’s future and the economy should to be protected.
To this effect, he said, all agreements entered into by the government must be honoured.
According to him, the government would focus on enduring poverty alleviated programme, food security, economic growth and job creation; inclusive growth, security of lives and property, anti-corruption and implementation of sound economic policies.
The president equally charged NESG and the private sector for a prosperous Nigeria saying that his administration will deliver on its promises.
In his remarks, chairman of NESG, Mr Niyi Yusuf said that with more than 133 million multidimensionally poor Nigerians, there are potentially more risks of stagnation and distress if a low-growth and low-investment era persists.
Also, the future of the Nigerian child is at stake, across every geopolitical zone and the Nigerian ageing population is also at risk.
He said that the low access to and increasing cost of foreign exchange (FX), high cost of inventory, imported inputs and operations, coupled with the diversity of taxes, continue to erode business balance sheets, with resultant contraction in production and employment.
Yusuf said that the large firms are battling low-capacity utilisation, while medium, small and micro-enterprises grapple with multidimensional complexities.
These poor economic outcomes, he observed, have created worsening social conditions that cannot be taken for granted.
‘With more than 133 million multidimensionally poor Nigerians, there are potentially more risks of stagnation and distress if a low-growth and low-investment era persists. The future of the Nigerian child is at stake, across every geopolitical zone. The Nigerian ageing population is also at risk.
‘There is a high prospect that a retiree’s savings and investments will be eroded entirely just a few years into the first or second decade of retirement. Our high fertility rate which is driving a much higher population growth than economic growth poses a risk of an unproductive population bulge, with an unmanageable social infrastructure cost and burden for supporting our children’s health, nutrition and education.
‘We know a multi-trillion dollar economy is viable within a decade of serious reform, consistent economic action and deliberate institutional reforms. Our nation stands at a critical precipice, and our challenges demand immediate, concerted efforts. We need to act now with a shared sense of urgency.
‘The NESG stands ready to support the government to model the tough choices required and the associated palliative measures to ameliorate the short-term impact on the populace
‘On the global stage, the first years of this decade have been a significantly disruptive period in human history. The unprecedented COVID-19 pandemic was followed by the outbreak of war in Ukraine, ushering in a fresh series of crises in global supply chain, food and energy. The transmission effects of which has aggravated economic challenges in Africa and Nigeria in particular. In Nigeria, we have seen a return of older risks – inflation, cost-of-living crises, capital outflows, widespread social discontent, risk of geopolitically motivated regional confrontation, and marked risk of de-democratisation of West Africa.
‘These risk factors shaping this uncertain and turbulent decade will only favour a prepared, resilient, resourceful, responsive, and responsible national leadership’ NES chairman, said.