Nigeria Economic Summit Group (NESG) Chairman Niyi Yusuf has highlighted the severe economic pressures facing Nigerian businesses and citizens, citing rising costs, inflation and a sluggish economy.
On Friday, during a press conference announcing the start of the 30th Nigeria Economic Summit, Mr. Yusuf painted a picture of the country's economic woes, stressing the urgency of reforms and collaborative efforts to alleviate the situation.
The summit, themed “Collaborative Action for Growth, Competitiveness and Stability,” is expected to focus on bringing together experts from government, business and civil society to design viable strategies to reverse the current economic trajectory.
Scheduled to take place in October 2024, it is expected to provide a platform for dialogue on critical issues including security, human capital development and the need for regulatory reforms to foster a more competitive business environment.
“Our businesses and citizens are under enormous pressure from rising costs, inflation and a struggling economy,” Yusuf said, noting that the challenges have worsened over the past year.
Nigeria's inflation rate has remained persistently high, further increasing the cost of living and putting millions of people at risk of poverty.
He noted that rising food and basic necessities costs have pushed 104 million people into poverty in 2023, up from 100 million the previous year.
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The NESG chairman attributed the country's economic woes to structural issues that have hampered sustainable growth.
He noted that while Nigeria recorded 3.2 percent GDP growth in the second quarter of 2024, compared to 2.5 percent in the same period last year, the benefits have not translated into improved living conditions for the average Nigerian.
“Nigeria's weak economic performance is reflected in deteriorating living standards, with per capita income falling significantly and poverty rates soaring,” Yusuf said.
He also expressed concern over food insecurity, highlighting projections that 26.5 million Nigerians could face acute famine in the lean season of mid-2024, up from 18.6 million by the end of 2023.
Mr. Yusuf further stressed that under-five malnutrition remains a critical problem, with over 38 percent of children affected.
In response to these growing challenges, he called for bold and decisive action.
Mr. Yusuf stressed that the country's economic potential remains enormous, but can only be realized through transformative political leadership, innovative governance and concerted efforts to address inflation, unemployment and infrastructure deficits.
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He called for an urgent rethink of Nigeria's economic policies to ensure that future growth is inclusive and improves the living conditions of all citizens.
Speaking at the event, the Minister of Budget and Economic Planning, Abubakar Bagudu, who was represented by the Permanent Secretary of the Ministry, Emeka Obi, stressed that the 30th Nigeria Economic Summit aims to address Nigeria’s most pressing economic challenges by focusing on collaborative action for growth, competitiveness and stability.
He stressed the importance of the private sector as a driver of growth and added that the Government will create a favourable environment for investments.