Thursday, February 22, 2018 7.00PM / Proshare WebTV
Despite the recovery from recession with a growth rate of about 1.40%, Nigeria needs to attain the level of inclusive growth which creates job opportunities and uplifts millions of poverty.
This is crucial for policy makers as the current high unemployment rate of 18.8%, brings a fundamental challenge to the Nigerian socio-economic space.
Stakeholders at the February edition of the Nigeria-South Africa Chamber of Commerce Breakfast meeting discussed “The Nigerian Economic Outlook and the Imperative for Inclusive Growth and Development”
The Chairman of the Nigeria Economic Summit Group (NESG) Mr Kyari Bukar asserted that beyond the growth narrative, the key issues that had to be addressed in the country was the inclusivity of the growth.
Mr Bukar shared that three questions for Nigeria on inclusive growth were How Inclusive, What measures were required for inclusive growth and How Social Inclusion could be achieved.
From his analysis of the economic performance, the NESG Chairman stressed that Oil and Agriculture played the role of economic drivers, while other sectors have remained slow in economic activities.
Looking at the 2018 outlook Mr Bukar called for macro-economic and price stability in the country. He also made a strong case for the implementation of growth enhancing policies, for sectors like Agriculture and Manufacturing.
On the monetary policy side, he opined that favourable interest rates will be key for the economy as it seeks inclusivity in all spheres.
He harped on need for the implementation of the Ease of Doing Business reforms across the 36 States of the Federation, which should leverage on the successes at the Federal level.
To boost Industrialization in the country, he called for the review and implementation of the National Industrial Revolution Plan.
Considering the challenge of human capital development in the country, Kyari Bukar believed a “National Skills Policy” should be in place to develop talents and build a dynamic workforce that can compete with other nations.