February 08, 2021 / 10:00AM / Ottoabasi Abasiekong for WebTV / Header Image Credit: ChannelsTV
Nigeria's chances of becoming a leading global investment destination hinge on a strategic and revised trade policy. Mr. Wilson Erumebor, senior economist, Nigeria Economic Summit Group (NESG) made this point while speaking on "Nigeria and the Quest to Achieve Investment-led Growth".
Giving insights into the 2021 NESG economic outlook for Nigeria, Erumebor said four key priorities for the nation include sectoral reforms, policy, and regulatory consistency, human capital development, and macro-economic stability.
According to him, a revised trade policy would reposition Nigeria as a strategic market with the proposed Africa Continental Free Trade Agreement, (AfCFTA).
He emphasized Nigeria's need to support its manufacturing sector with enabling policies, as countries with a robust industrial base will benefit from the AfCFTA.
Commenting on sectoral reforms he identified manufacturing, construction, education, professional services (business process outsourcing), and oil & gas as sectors that require policy clarity and direction to woo investors.
The analyst called on Nigeria to address policy reversals that serve as impediments to growth while making a strong case for regulators to work as enablers to businesses, the market, and the economy.
"We need a seamless process and clarity on policies and regulations in Nigeria from Visa application, business registration to even the ease of doing business in the country," he said.
On the opportunities for integrating young people into Nigeria's economic planning and strategy, he said the NESG has been at the forefront of the advocacy especially with the Nigeria 2050 agenda.
He highlighted the following areas that youths, who constitute the majority of Nigeria's population, could be engaged to contribute to the country's economic development;
"We need inclusive economic growth in Nigeria, that will lift millions from poverty through economic opportunities created by investments in the country" he added.
Looking at Nigeria's prospects for recovery from the recession, he said the management of the second wave of the COVID 19 pandemic, will be critical for the nation's economic stability and growth.