The group of the Nigerian Economic Summit (NESG) has launched the perspective of the private sector 2025, a comprehensive economic analysis that highlights the tendencies, challenges and key opportunities for the companies that operate in the economic landscape of Nigeria.
The event, jointly organized by the Department of Corporate Affairs and Management of Nesg leaves and its research and development department, provided crucial information on the macroeconomic conditions and strategies of Nigeria for the resilience of the private sector.
In her opening comments, the director of the Nesg Board, Mrs. Wonu Adetayo, emphasized the vital role of the private sector in the configuration of Nigeria's economic resilience.
He pointed out that despite the structural weaknesses, Nigeria registered an economic growth rate of 3.4% in 2024, the highest since 2021.
The number of expanding sectors also increased from 32 in 2023 to 38 in 2024, driven by key reforms such as the elimination of the fuel subsidy and the harmonization of the exchange rate.
However, he warned that stagnant productivity, increased inflation and economic imbalances continue to affect the standard of living.
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Dr. according to Omisakin, chief economist and research director of NESG, presented an in -depth analysis of the performance of the private sector in 2024.
While the availability of foreign exchange improved, Nigeria's currency depreciated significantly, with the official exchange rate with an average of N1,479.9/$.
Although commercial surpluses and the increase in foreign capital entries were recorded, the public debt rose to N142.3 billion in September 2024, which represents serious fiscal limitations.
He also highlighted the shortage of currencies, insecurity, inappropriate infrastructure and limited access to the market that continue to challenge companies.
Between 2023 and 2024, multinational divestments and commercial closures resulted in an estimated economic loss of N94 billion, with 30% of the 24 million Nigeria mipyme closed during this period.
Looking towards the future, Dr. Omisakin emphasized that companies must adapt to economic uncertainties through strategic planning.
He described economic stabilization, consolidation and acceleration of NESG, urging politicians to guarantee the effectiveness of reform and improve the competitiveness of the private sector.
The panelists discussed the key challenges, including monetary depreciation, inconsistent policies and global market trends.
Concerns about the lack of immediate monetary interventions were raised after the elimination of the fuel subsidy, which worsened inflation.
Companies also fight with inconsistent customs regulations and fluctuating exchange rates, deterring investments and hindering stability.
An important idea of ​​discussions with possible investors in Qatar was that the stability of politics is more important than exchange rates. Investors are willing to participate despite the depreciation of the currency, provided that the government maintains clear and consistent policies.
The panelists requested greater inclusion of the private sector in the formulation of policies, emphasizing the need for commercial associations such as Nasme, Nassi and Neca to play a more important role in making economic decisions.
Dele Kelvin Oye, Esq., President of Naccima and president of the Organized Private Sector of Nigeria (OPSN), emphasized that the Government must act as a facilitator, not a competitor.
“Commercial organizations must always be in the room when key negotiations are carried out to guarantee broad base economic benefits,” he said.
Discussions also emphasized the consistency of politics as a key driver of investor confidence.
The panelists cited examples such as the tariff policies of the United States, which immediately impact global markets, highlighting how unpredictable policies dissuade investment and interrupt the confidence of the business in Nigeria.
In addition, police inefficiencies and regulatory bottlenecks identified themselves as main obstacles.
Panelists urged the government to implement legal reforms and improve regulatory clarity to improve Nigeria's business environment and attract local and foreign investments.
The perspective of the private sector 2025 serves as a strategic guide for companies, policy and investor formulators, which offers a road map to build a stable, competitive and resistant private sector.
NESG reaffirmed its commitment to advocate policies that improve economic growth while ensuring that the private sector remains a key player in policy formulation.
By promoting constructive dialogue between political leaders and business leaders, NESG aims to create a predictable economic environment that attracts sustainable investments, ensuring long -term growth for Nigeria's economy.
Nigerian tribe