Nigeria’s economic transformation – the urgency of now

Nigeria requires a profound economic transformation. When a country possesses the extensive human and capital resources that Nigeria does and its poverty rate keeps increasing, there is something profoundly wrong with the conduct of its economic affairs.

There is a need to strengthen democratic institutions, prevent conflicts, foster sustained economic growth, and combat global threats, especially in light of the COVID-19 pandemic, climate change, food insecurity, narcotics trafficking, and maritime insecurity.

While Nigeria has made considerable progress in specific economic sectors, notably banking, telecommunications, and the airline industry, and gradually reducing its infrastructural deficits, much still needs to be done in the areas of manufacturing and infrastructural development.

Nigeria’s economic trajectory has been relentlessly veering off its potential, facilitating poverty, insecurity, inequality, unemployment, debt and fiscal unsustainability amongst many issues. Therefore, stakeholders must convene with a sense of urgency to address the constraints that impede Nigeria’s vision of exploiting its economic potentials.

I hope that the urgency for Nigeria’s economic transformation will be thoroughly discussed at the upcoming 27th Nigerian Economic Summit dubbed “Securing our future: The fierce urgency of Now”. Co-organisers, Nigerian Economic Summit Group (NESG) and the Federal Government represented by the Ministry of Finance, Budget and National planning have stated that the discussions at the Summit will be structured across the following five sub-themes – 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 also seeks to galvanise a renewed commitment of stakeholders to urgently and actively prioritise the pursuit of economic growth that can sustainably create jobs, lift millions out of poverty and enable Nigeria to realise its economic potentials on the global stage, identify the vital imperatives of leveraging modern technology to accelerate significant improvements in the social, economic and security conditions of Nigeria, and agree on a compact that compels stakeholders to be critical and immediate actions and efficient monitoring mechanisms to ensure key recommendations at the 27th Nigerian Economic Summit are urgently implemented.

The Nigerian Economic Summit (NES#1) public-private dialogue platform was held from February 18-20, 1993. Participants at NES#1 concluded that the private sector must continue and cooperate with the public sector. Over the past 27 years, national and global policymakers and business leaders have acknowledged that the annual NES is the premier platform for public-private dialogue in Nigeria.

Alabi is a Lagos-based researcher