Nigeria’s Economic Transformation – The Urgency of Now [OPINION]


Moshood alabi

Nigeria requires profound economic transformation. When a country has Nigeria’s extensive human and capital resources and its poverty rate continues to rise, there is something fundamentally wrong with the conduct of its economic affairs.

It is important to strengthen democratic institutions, prevent conflicts, promote sustainable economic growth and combat global threats, especially in view of the COVID-19 pandemic, climate change, food insecurity, drug trafficking and maritime insecurity.

While Nigeria has made significant strides in certain economic sectors, particularly banking, telecommunications and aviation, and has progressively reduced its infrastructure deficits, much remains to be done in the areas of production and infrastructure development.

Nigeria’s economic development has tirelessly missed its potential, adding to poverty, insecurity, inequality, unemployment, debt and fiscal unsustainability among many problems. Therefore, with a sense of urgency, stakeholders need to unite to address the constraints that are hindering Nigeria’s vision of realizing its economic potential.

I hope that the urgency of Nigeria’s economic transformation will be fully discussed at the forthcoming 27th Nigerian Economic Summit, entitled “Securing Our Future: The Urgent Urgency of Now”. Co-organizers, the Nigerian Economic Summit Group (NESG) and the federal government, represented by the Ministry of Finance, Budget and National Planning, have stated that discussions at the summit will be broken down into the following five sub-topics – economic transformation, shared prosperity, National Security, Political Economy and Digital Transformation as stakeholders highlight the inherent risks, opportunities and priorities to accelerate and sustain inclusive economic growth driven by sub-national economies.

The summit is also intended to stimulate a renewed commitment by stakeholders to urgently and actively prioritize the pursuit of economic growth that can create sustainable jobs, lift millions out of poverty and enable Nigeria to realize its economic potential on a global scale vital necessities of using modern technology to accelerate significant improvements in social, economic and security conditions in Nigeria; Nigerian Economic Summit to be urgently implemented.

The public-private dialogue platform Nigerian Economic Summit (NES # 1) took place from 18.-20. February 1993. NES # 1 participants concluded that the private sector must continue to cooperate with the public sector. For the past 27 years, national and global decision-makers and business leaders have recognized that the annual NES is the premier platform for public-private dialogue in Nigeria.

Alabi is a Lagos based researcher

Avant-Garde News Nigeria

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