Quest FM TV News – The Nigeria Economic Summit Group (NESG) has called on the federal government to shift its economic strategy from a narrow focus on inflation control to a broader emphasis on boosting productivity across critical sectors of the economy.
The advisory comes in response to the National Bureau of Statistics’ (NBS) recent recalculation of Nigeria’s Gross Domestic Product (GDP), which expanded the statistical size of the economy but, according to NESG, also exposed deeper vulnerabilities.
“While the upward revision in nominal GDP expands the statistical size of the economy, the real economy – where jobs, productivity, and welfare are determined – remains constrained,” the think tank cautioned.
The NESG is urging the government to declare a “state of emergency” in the industrial sector, stressing that job-creating industries must be given priority. This would require tackling persistent bottlenecks such as unreliable electricity supply, poor transportation systems, and high operating costs.
To revive key industries—including manufacturing, oil and gas, and construction—the group recommends a financing mix of public and private capital, supported by tax incentives.
Agriculture, the NESG emphasized, also holds vast untapped potential. They are calling for a shift beyond subsistence farming to mechanized agriculture, alongside expanded irrigation networks, improved rural infrastructure, and increased investment in food processing hubs.
The policy advocacy group further highlighted the informal sector’s crucial role in Nigeria’s economy. With millions of small-scale businesses contributing significantly to national output, NESG recommended targeted policies to ease business registration, expand access to loans, and provide social safety nets—measures that would help transition many informal businesses into the formal economy.
On the fiscal side, NESG warned the government not to be swayed by the illusion of growth reflected in the revised GDP figures. Instead, it urged the expansion of non-oil revenues through digital tax systems, a broader tax net, and stricter compliance. It also called for performance-based budgeting and policies that would make credit more accessible to businesses.
The NESG’s message is clear: statistical growth does not equate to real prosperity. True progress, it says, will come from policies that expand productivity, create jobs, and lift the living standards of Nigerians.
Report by: Akise Progress | Edited by: Chris Odjomah