NESG wants issues behind cost-of-living crisis addressed

The Nigerian Economic Summit Group (NESG) has said the issues contributing to the cost-of-living crisis in the country must be addressed.

Speaking at the National Economic Dialogue 2024 in Abuja, the NESG Chairman, Olaniyi Yusuf, provided a comprehensive overview of Nigeria’s progress over the past 25 years. 

He acknowledged the significant political, social, and economic transformations that have occurred, including advancements in telecommunications, agriculture, and services. However, he also highlighted the ongoing challenges that continue to hinder the country’s development.

“Our democracy has matured, and our economy has evolved, reflecting our collective efforts to diversify and create opportunities for millions of Nigerians. However, we must also recognize the challenges we still face, such as policy inconsistencies, governance deficits, and economic vulnerabilities. These issues have contributed to the rising cost of living and doing business, and they must be addressed for us to achieve sustainable growth,” Yusuf said.

Yusuf emphasised the importance of collaboration across all sectors of society to address the complex challenges facing Nigeria. He called for a united effort to foster innovation, support entrepreneurship, and attract investment, stressing that these initiatives are crucial for building a prosperous socio-economic future.

“In shaping our economic trajectory, we must focus on strategic priorities such as economic diversification, human capital development, security, infrastructure development, good governance, and inclusive growth. The goal of this dialogue is to emerge with actionable recommendations that will guide Nigeria towards sustained economic growth and development, even through democratic transitions,” Yusuf said.

In his keynote address, the Minister of Budget and Economic Planning, Senator Atiku Bagudu, highlighted the progress Nigeria has made under the Renewed Hope Agenda. While acknowledging that the country has faced significant challenges over the past 25 years, he emphasized that the current strategy is yielding positive results.

“Although we have not achieved all our goals, our population has grown, and we are not where we used to be. I want to assure everyone that we have a strategy in place, and it is working. We understand that tough choices are necessary, and we are seeking resources to offset their impact. Our message is clear: we need to do more, do better, and do it quickly,” said Bagudu.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, reflected on Nigeria’s democratic journey, stressing the importance of continued efforts to improve the nation’s economic stability. He noted that inflation has begun to decrease and that the government is committed to maintaining this trajectory, particularly focusing on reducing food inflation to make food more affordable for all Nigerians.

“Democracy, while challenging, is the best form of governance for our nation, and it is always a work in progress. Today’s dialogue is part of our ongoing effort to enhance our democratic governance. We are making progress in controlling inflation, and our immediate goal is to ensure more affordable food for Nigerians,” Edun stated.

The Chief of Staff to the President, Femi Gbajabiamila, underscored the need for collective responsibility in shaping Nigeria’s future. He emphasized that while the government plays a crucial role, the future of the nation cannot be determined by the government alone.

“The responsibility of answering the hard questions that confront us today lies not only with the federal, state, and local governments but with every Nigerian. The future of our nation is a collective endeavor,” Gbajabiamila said.

The National Economic Dialogue 2024 provided a valuable platform for reflection and forward-thinking discussions, reaffirming the NESG’s commitment to driving Nigeria’s economic progress. The insights and recommendations from this dialogue will serve as a critical foundation for future policy-making and economic strategies.