The Nigerian Economic Summit Group (NESG) has launched the 2022 Macro Economic Outlook, as it called on the federal government to fast-track policies that will drive economic growth.
Asue Ighodalo, NESG Chairman, in his keynote address at the launch on Tuesday in Abuja said that over the years, the NESG released reports and recommendations that are tailored based on Nigeria’s interest.
“Fiscal boosters, peculiar to economic growth should be deployed to address the challenges of foreign exchange, insecurity and other headwinds confronting the economy.
“The impediments must be addressed with a sense of urgency to deepen development. World Bank estimate that 1 million people were pushed into poverty between June to December bringing a total of 91million poor people.
“As such critical reforms must be implemented and We at NESG believe that policies that direct at employment and security must be at the helm of government policy and action in 2022,” he said.
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Furthermore, the NESG Chairman noted that being a pre-election year, 2022 would witness increased monetary spending and effective governance will no longer be in place as active politics will take centre stage.
“Nigeria must thrive to leave behind and create a solid foundation for a catalytic solid base to secure the future of Nigeria there must be a fierce urgency of now.
“There is still a window and navigable resolve and work assiduously to initiate the economic reforms that will jumpstart Economic Growth,” he stated.
While presenting the economic outlook, the Head of Research, NESG, Dr Olusegun Onisakin stated that the finance act 2020, adoption of investors and exporters exchange rate, Twitter ban, Omicron, as well as the Petroleum Industry Act, shaped economic trajectory in 2021.
Highlighting the events of 2021, he said “The fact that inflation is coming down doesn’t mean that prices are not increasing. One in every three Nigerian is unemployed. Also, the capacity of FG to earn revenue was constrained due to domestic borrowing.
“CBN has been trying to work modalities for growth, but we are importing more than we are exporting and also struggling with FDI has been totally eroded,”
He said “Different policy events will influence the economy, such as the implementation of the national development plan, removal of fuel subsidy, election spending that may over bloat fiscal deficit, the launch of Dangote refinery among others.
The NESG CEO Laoye Jaiyeola said the interest of the NESG is the economy and what government must do to make it better.
He commended the Nigerian Government for launching the development plan because it was inclusive, he however stressed that it is not about the plan but the implementation, urging the government to ensure adequate implementation.
Speaking further, he called on the government to solve the challenges of forex, saying ” If we don’t resolve the challenge of FX, we may not achieve of the last mile, the demand is higher the supply and government must ensure how we boost supply and ensure appropriate pricing,”
“Our Ports remain the less attractive in the continent and if that is not rectified, AfCFTA will not be achieved holistically because logistics cost alone is too high”, he added.
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