At breakfast forum, Nigeria’s growth narratives receive boost

THE advocacy for Nigeria’s growth narratives to focus on inclusive growth has received a boost. It was at the monthly Breakfast Forum of the NigerianSouth African Chamber of Commerce held in Lagos under the sponsorship of Coca-cola Nigeria.

Chairman, Nigeria Economic Summit Group (NESG) and Managing Partner, Trans Sahara Investment Corporation, Mr. Kyari Abba Bukar, who was the Guest Speaker at the occasion in a paper titled “Nigeria’s Economic Outlook and the Imperatives for Inclusive Growth and Development,” called for a three-pronged approach focusing on the productive sector, social inclusion and safety nets.

While acknowledging Nigeria’s strong growth rates in the 2000s, he noted however that this growth was accompanied by rising unemployment and poverty rates, thus, devoid of inclusiveness and widespread development. He said the economic recession in 2016 and the process of recovery in 2017, both of which were triggered by developments in the oil sector, further raises concerns about the pattern and quali- ty of the country’s economic growth and that this anomaly should not continue into 2018 and beyond.

Consequently, Bukar counselled that the “imperatives for sustainable growth and development should be based on the three pillars of inclusive growth, firstly, achieving growth based on and led by the productive sectors; secondly, pursuing social inclusion and thirdly, providing social safety nets for the poor and vulnerable citizens.”

Bukar stressed that Nigeria’s economic landscape needs a total rethink. “Making growth inclusive is not a negotiable option for the government. The concern for the economy should go beyond the narrative of mere growth, emphasis should be on ensuring that more resources are efficiently utilized,” he said.

Among other policy recommendations, Bukar called on the government to ensure macro-economic stability; extend the Ease of Doing Business reforms at State level; implement holistic structural education and health reforms; and review and implement the Nigerian Industrial Revolution Plan (NIRP).