NESG urges Nigeria to tap into $17tr idle global fund

The Nigerian Economic Summit Group (NESG) has said Nigeria can tap into the about $17 trillion global idle fund to finance infrastructure.

The Chairman, the Nigerian Economic Summit Group, Asue Ighodalo stated this at the public presentation of 26th Nigerian Economic Summit (#NES26) report in Abuja.

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He said there is about $17tr capital globally that earns no income and can be attracted to build infrastructure in Nigeria with the right investment environment.

Speaking on the #NES26 outcomes, which should be presented to the president and the Federal Executive Council soon by the Minister of Finance, Budget and National Planning Mrs Zainab Ahmed, the group called on the private sector to accelerate economic progress through innovation and investment strategies.

It also noted that the pandemic has accelerated the need to urgently retool economic policy to capitalize on the opportunities inherent in the changing dynamics of the local, regional and global economic landscape.

On tackling youth unemployment, NESG said: “Reskill and up-skill youth in the labour market, transition them from informal to formal economy and boost their participation in the gig economy. Conduct an impact assessment of previous youth empowerment programmes.”

To ensure a resilient economic recovery, they proffered that “there is need to achieve and maintain macroeconomic stability that ensures economic growth that outpaces population growth, creates jobs, stabilizes inflation, reduces poverty and expands external balance of payments. Unify FX rates into a single and market-driven window.”