NESG emphasizes 4 Priorities for Nigerian economy in 2021

Amaka E. Nliam

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The Nigerian Economic Summit Group (NESG) has launched the NESG 2021 macroeconomic outlook with the theme, “4 Priorities for the Nigerian Economy in 2021 and beyond”.

According to the #NESG Chairman, Mr. Asue Ighodalo, “This year’s macroeconomic outlook emphasizes ‘4 PRIORITIES’ essential to delivering sustainable & inclusive economic growth over the next few years and these priorities include macroeconomic stability, policy, regulatory consistency and sectoral reforms.

“The twin effects of the pandemic and global crash in oil price exposed the weak macroeconomic fundamentals and led to a recession in Q3-2020. The real GDP contracted by 6.1% and 3.6% in the second and third quarters of 2020.

“With the possibility of several waves and new strands of the COVID-19, the year 2021 will be characterized by uncertainties, as many challenges confronted in 2020 persist or perhaps are magnified.”

A Senior Economist, @wilsonrume, lending his voice, said that policy makers need to know that business as usual scenario will only lead Nigeria to severe economic problems.
“Urgency and intensity of reforms must be the new priority.
“…Lack of coherence between States and the Federal Government continues to hinder and result in social and economic losses. Policy making needs to be driven by need to create public value.
“Nigeria needs to intensify macroeconomic stability, policy and regulatory consistency, sectoral reforms and human capital development to create a favourable business environment that attracts investments,” he emphasized.

 

 

Amaka E. Nliam

 

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