Nigeria can become a multi-trillion naira economy with critical reforms – NESG

Chairman of the Nigeria Economic Summit Group (NESG), Niyi Yusuf, has said Nigeria can become a multi-trillion naira economy if critical reforms are put in place.

He stated this on Monday at the Ongoing 29th Nigeria Economic Summit tagged “Pathways to Sustainable Economic Transformation and Inclusion”.

According to him, “We know a Multi-Trillion Dollar Economy is viable within a decade of serious reform, consistent economic action and deliberate institutional reforms. A macroeconomic stabilisation programme supported by an aggressively scaled national security effort to halt all forms of syndicated and organised crime around crude oil and solid minerals and also a Made-in-Nigeria Agenda to Make-in-Nigeria, two strategic drivers require urgent investment and a national job creation plan that drives the creation of huge volume of high-quality jobs, among other reforms “he said

Yusuf said NESG stands ready to support the Government to model the tough choices required and the associated palliative measures to ameliorate the short-term impact of its policies and reforms on Nigerians.

He said this year’s summit is designed to address the current challenges facing the country with a view to providing viable solutions.

“This year’s Summit has been calibrated as a burning platform to answer the question of the essential pillars of economic transformation that would get us to the future envisaged by the Government.

“The need for urgent strategic shifts that impact the ease and cost of doing business within a relatively short period is a matter of existential threat to the survival of enterprises and entrepreneurs. The low access to and increasing cost of FX, high cost of inventory, imported inputs, and operations, coupled with the diversity of taxes, continue to erode business balance sheets, with resultant contraction in production and employment, which the conference will have discourse on to address” he added.