Wednesday, January 24, 2017 8.0PM / Proshare WebTV
The Nigeria economic summit group, a leading economic and business policy advocacy group in the country has projected a 0.6% GDP growth for the nation; signalling a likely recovery from the current economic downturn.
This position was made at the official launch of the NESG macro-economic outlook for Nigeria’s economy in 2017 at its office in Ikoyi, Lagos State attracting key analysts and stakeholders in the economic space.
Giving the overview and presentatiom of the report, the Head, Research at the NESG Dr Olusegun Omisakin said the focus was “Looking Inwards: Will Nigeria tread the arhway of economic recovery and growth in 2017?”.
Omisakin believed that the country’s economic woes of a recession, presented an opportunity to implement some tough fiscal and structural reforms to improve the business environment, ensure self-sufficiency and export led growth.
It was on this basis that the NESG research advocated the #MadeInNigeria economic agenda,which will drive two areas agriculture/agro-processing and manufacturing thereby boosting local capacities, creating jobs and giving Nigeria a favourable external position through an increase in net exports.
Speaking on the economic recovery from recession, Dr Omisakin asserted that the Federal government must take seriously the implementation of the 2017 budget, remove regulatory and operational bottlenecks facing the business environment.
According to the report “Whether the Nigerian economy will recover or not in 2017 depends largely on the actions and inactions of policy makers”. Emphasizing the need for clarity in the fiscal policy space.
In his intervention Dr Doyin Salami a notable Nigerian economist, said Nigeria’s focus should be achieving sustainable economic growth beyond recovery from recession.
Salami noted that in the last 4 years, Nigeria has been sliding in its economic growth levels which should bring caution to policy makers on the approach to growth.
Alluding to the need for government to “spend its way out of recession”, the Monetary Policy Committee member harped on a strategy to attract and retain private capital, to fund the infrastructural gap in the economy.
He said “Since 2013, the Nigerian Infrastructure Masterplan,requires that the country spends N30trl annually to meet the deficit. This requires the Federal Government to seek creative ways of accessing private capital/funds”.
At the socio-economic level, Dr Salami called for policies that are geared towards social cohesion considering the rising unemployment rate in the country(13.9% ) and the adverse effects of the recession.
CEO of the Nigeria Economic Summit Group (NESG) Mr Laoye Jaiyeola in his remarks reassured stakeholders, that the group was committed to economic advocacy in the country and will continue to engage on critical issues of national interest.