Ahead of its National Economic dialogue billed for August 21, the Nigeria Economic Summit Group (NESG), has advocated the need for a new class of willing political reformers to galvanise its enormous economic potential of to unleash the required growth trajectory for the good of citizens.
Speaking at an interactive session with the media as part of activities to mark its 30th anniversary in Lagos, its Chief Executive Officer, Dr Tayo Aduloju, lamented the passthrough risks of recent economic reforms on businesses, describing it as massive amid a troubling inflationary pressure that has left most companies streamlining their operations to survive and remain in business.
The NESG boss observed that the collateral effects of all these policy swings have precipitated a contraction in nation’s GDP, leaving many businesses already on management mode, even as he aligned with NACCIMA and Manufacturers Association of Nigeria’s concerns over shrinking margins in most sectors of the economy.
But to stem the tide of current economic drift , Aduloju urged the Federal Government to commit to more transparency in its monetary policy implementation in the months ahead, especially on forward contracts and foreign exchange forwards including offering more insights and clarity on the $2.4 billion declared invalid by the Central Bank of Nigeria.
With respect to activities of Subnationals and local governments authorities, NESG urged state governments to declare how much crops they are cultivating on available land banks to create more impetus for a co-ordinated assault food productivity challenges which has capacity to stunt economic growth.
In the second half of the year however, NESG Chief Executive was optimistic that food production and Foreign exchange availability could indeed improve if government continues to implement right policies.
“We are cautiously optimistic that the economy will improve with better management and careful coordination of macroeconomic fundamentals to checkmate the series of misgovernment issues currently buffeting the nation.”
Aduloju, argued Nigeria needs a class of willing political reformers with capacity for critical thinking and willingness to implement right ideas that gauge the impact of government policies on the citizenry.
According to him, it has become imperative for the nation to legislate longer term development agenda covering governance value chain, overhaul of public finance and data integrity which considers suboptimal across board for development planning.
Meanwhile, as part of programmes lined up for 30th anniversary of Nigerian Economic Summit scheduled for October 14-16, focusing on reflections on past economic strategies and charting a new course towards long-term economic stability and growth, NESG said it would host a national economic dialogue on August 21, and would cap it with the launch of Business Confidence Index.
The year’s summit would aims to facilitate discussions among government, private sector, and civil society stakeholders to develop a consensus on the economic model necessary to propel Nigeria’s transformation over the next decades.
. “We cannot afford not to do it in a way that absorbs people into productive work. We can’t afford it. And so what pivots will we make? That’s the essence of the 30th anniversary. A reflection, and a forward-thinking on big consensus, especially political consensus on the economic model,” Mr Aduloju said.