NESG, Sanwo- Olu call for comprehensive economic overhaul
THE Nigerian Economic Summit Group ( NESG) said the countr y requires a transformational shift from a dependent economy to a diversified one, focusing on innovative sources of revenue and job creation.
The group also expressed concerns over the current high macroeconomic volatilit y and instability , stressing the need for a recalibration of economic strategies to ensure inclusive growth and sustainable development.
This is as the group highlighted the country's failure to record progress due to the lack of political will, strong national consensus, focus on results, robust institutions and prevalent issues of corruption and ethics.
The submissions were made yesterday at the launch of the 30th Nigerian Economic Summit ( NES @ 30) logo and a public lecture/ founders' forum held at the Lagos Business School.
The event's theme was ‘ In the National Interest: Reflecting on the Past, Reimagining the Future’.
The Chief Executive Officer of the NESG, Dr Tayo Aduloju, provided a comprehensive overview of Nigeria's economic trajectory from the tumultuous era of 1993 to its current state.
He reminisced about Nigeria’s state back in 1993, a period marked by political chaos post- June 12 and described as a “pariah state” with over- regulated, nondiversified economic sectors including banking, telecommunications, infrastructure and power, which, according to him, are stagnated and unattractive to investors.
Fast forward to the last three decades, Aduloju highlighted significant strides toward liberalising key economic sectors, especially during President Olusegun Obasanjo’s tenure from 1999 to 2007.
He referred to this era as the “opening up phase”, which catalysed a decade of positive growth and liberalisation, contrasting sharply with the less successful subsequent decade.
According to him, the growth achieved has been broadly characterised as uninclusive, failing to create substantial jobs or equitable opportunities across the board.
“The challenge at our 30th anniversary now is how to drive the country forward in such a way that it’s not just about growth but about creating jobs and opportunities for everyone, ensuring no one is left behind,” Aduloju stated. Aduloju also touched on the successful liberalisation of the telecommunications sector following the National Telecommunication Policy review in 1997, which he noted as a model of strong institutions backed by political will and accountability that should be replicated in other sectors.
Aduloju underscored the importance of resilience in holding governments accountable, insisting on a law- abiding, business- friendly environment, and fostering an economy that works for all Nigerians.