NESG projects 0.6% GDP growth

The Nigeria Economic Summit Group (NESG) a leading economic and business policy advocacy group in the country has projected a 0.6% GDP growth for the nation; signalling a likely recovery from the current economic downturn.

This position was made at the official launch of the NESG macro-economic outlook for Nigeria’s economy in 2017 at its office in Lagos which attracted key analysts and stakeholders in the nation’s economic space.

Head, Research at the NESG, Dr. Olusegun Omisakin said the focus was “Looking Inwards: Will Nigeria tread the arhway of economic recovery and growth in 2017?”.

Omisakin expressed the belief that the economic recession is facing presents an opportunity to implement some tough fiscal and structural reforms to improve the business environment, ensure self-sufficiency and export led growth.

It was on this basis that the NESG research advocated the #MadeInNigeria economic agenda, which will drive two areas agriculture/agro-processing and manufacturing thereby boosting local capacities, creating jobs and giving Nigeria a favourable external position through an increase in net exports.  He said.

Omisakin asserted that the Federal Government must take seriously the implementation of the 2017 budget, remove regulatory and operational bottlenecks facing the business environment.

According to the report “Whether the Nigerian economy will recover or not in 2017 depends largely on the actions and inactions of policy makers”.

Dr Doyin Salami a notable Nigerian economist, in his contribution said that Nigeria’s focus should be achieving sustainable economic growth beyond recovery from recession.

Salami noted that in the last four years, Nigeria has been sliding in its economic growth levels which should bring caution to policy makers on the approach to growth. He is of the view that government should “spend its way out of recession “

He said “Since 2013, the Nigerian Infrastructure Masterplan requires that the country spends N30 trillion annually to meet the deficit. This requires the Federal Government to seek creative ways of accessing private capital/funds”.

At the socio-economic level, Dr Salami called for policies that are geared towards social cohesion considering the rising unemployment rate in the country (13.9%) and the adverse effects of the recession.

CEO of NESG, Mr Laoye Jaiyeola in his remarks reassured stakeholders that the group was committed to economic advocacy in the country and will continue to engage on critical issues of national interest.