By Uche Usim
The Nigerian Economic Summit Group (NESG) has sounded the alarm on rising inflation, the escalating cost of living and deepening poverty levels, with an estimated 104 million Nigerians now living in poverty; a staggering 46 per cent of the population.
NESG said food insecurity has compounded the horror, with the number of people facing acute hunger expected to rise to 26.5 million by the end of the lean season in 2024 (the period between harvests).
Speaking yesterday at a media briefing in Abuja, ahead of the 30th Nigerian Economic Summit, NESG Chairman, Mr. Niyi Yusuf, highlighted the nation’s urgent need for a bold, collaborative approach to overcome economic stagnation and steer Nigeria towards sustainable prosperity.
He noted that despite recording a commendable GDP growth of 3.2% in Q2-2024, up from 2.5% the previous year, Nigeria’s economy continues to struggle in key areas. The agricultural sector, which serves as a backbone for livelihoods, saw marginal growth of 1.4%, while industries showed a sharp recovery at 3.53%, compared to a contraction of -1.9% in 2023. However, these gains have not been reflected in the everyday lives of Nigerians, as living standards continue to deteriorate, with per capita income plunging from $2,162.60 in 2022 to $1,645.76 in 2023.
He emphasised that Nigeria cannot afford to continue on its current trajectory, stating, “The time for bold and innovative solutions is now. We cannot wait for change to happen by chance; we must act decisively to secure a better future for our country.”
With the theme, ‘Collaborative Action for Growth, Competitiveness, and Stability,’ the 30th Nigerian Economic Summit aims to unite government, business, and civil society in pursuit of transformative change. Critical issues such as unemployment, infrastructure deficits, fiscal constraints, and human capital development will be addressed, with a focus on building a more inclusive, secure, and competitive Nigeria.
Yusuf added that the NESG has laid out a vision for Nigeria to become a leading industrialised nation within the next five years, driven by reforms in governance, policy, and regulatory frameworks.
He said by unlocking local content, promoting sub-national economic diversification and fostering a globally competitive business environment, the country has the potential to attract significant foreign investment and reduce poverty levels.
This year’s Summit will delve into five key sub-themes designed to tackle Nigeria’s most pressing challenges: building a secure society, fostering inclusive development, promoting stakeholder collaboration, unleashing business dynamism, and igniting innovation through digital transformation. These discussions will be guided by three foundational pillars—People, Leadership, and Institutions—underpinning all strategic engagements.
Earlier in his address, the Permanent Secretary, Ministry of Budget and Economic Planning Dr Emeka Obi, who represented the Minister, Mr Abubakar Bagudu, said the federal government and NESG was already gearing up for the 30th Nigerian Economic Summit, scheduled to take place from October 14 to16, 2024.
He highlighted the summit’s legacy as a vital contributor to Nigeria’s reform policies, driving economic growth and development.
