Nigeria’s ambition to accelerate economic expansion is putting its growth strategy, productivity and management capacity under renewed scrutiny, with business stakeholders set to examine what it will take to reverse the decline in economic output and achieve sustained development.

The concern comes against the backdrop of Nigeria’s estimated $377.37 billion nominal Gross Domestic Product (GDP), compared with South Africa’s estimated $479.96 billion.

Organisers of the 42nd Omolayole Management Lecture (OML) said Nigeria had recorded a higher GDP level in the past, heightening interest in the policies, institutional reforms and business strategies required to raise productivity and strengthen economic performance.

The issue is expected to form the focus of the 42nd OML, organised by AIESEC Alumni Nigeria, with the theme, ‘One Trillion Dollar Economy, What Will It Take for Nigeria to Achieve the Goal?’

Speaking at a press conference, President of AIESEC Alumni Nigeria, Marcel Mba, said the theme was informed by the gap between Nigeria’s present economic size and the scale required to attain the organisers’ economic ambition.

Mba said about 21 countries globally currently have economies exceeding $1 trillion in nominal GDP, while no African country has reached the threshold.

He compared Nigeria’s economy, estimated at $377.37 billion, with South Africa’s $479.96 billion.

Director-General of NECA, Adewale-Smatt Oyerinde, said effective management was essential to productivity, innovation, competitiveness, industrial harmony and sustainable employment.

Represented by the association’s Director, Legal, Regulatory and Taxation, Thompson Akpabio, Oyerinde said the challenge had become more pressing as enterprises contend with rapid technological change, evolving workplace expectations, skills gaps and the continuing need to improve productivity and resilience.

Chairman of the OML Organising Committee, Bayo Ige, said the lecture had, over its 42-year history, provided a platform for discussions on contemporary socio-economic issues and produced communiqués and recommendations that were transmitted to the Federal Government.