On Economic Progress: If not now, when?

I recently participated in the Nigerian Economic Dialogue themed the Critical Challenges Confronting the Nigerian Economy held on Friday, May 20, 2022. The event was hosted by the Nigerian Economic Summit Group (NESG) and served to address front-burner issues ahead of the 2023 elections and the political parties primaries.

Key takeaways

• Nigeria needs a new political mobilization strategy. Mr. Samson Itodo, Executive Director, YIAGA Africa rightly pointed out that:

If we continue on this trajectory, political offices will be sold to the highest bidder.

• Increase the contribution of the manufacturing sector to ~ 40% (up from the current ~ 9%. NBS, 2021). Professor Osita Ogbu, Director, Institute for Development Studies, University of Nigeria emphasized the question:

We must ask ourselves if the 'industrial zones' understand their roles as a tool for economic productivity? And if the Minister of Trade has full legislative powers to remove barriers to trade and to enable industry first movers.

• Adopt an inclusive growth strategy and protect those at the bottom of the financial pyramid. Mrs. Tosin Faniro-Dada, Managing Director/CEO, Endeavour Nigeria said:

Small businesses need to be supported and the state level employment agencies like EdoJobs, LSETF, KADSTEP, amongst others - need greater support from the Federal Government of Nigeria.

• Take demographic transitioning seriously and leverage data in the planning process. Dr Hussaini Abdu, Country Director, CARE International Nigeria, reiterated:

The need 'not to leave people behind' as Nigeria creates economic prosperity.

• Keep trade pathways open and diversify the economy. the Country Representative of the IMF, Ari Aisen stated that:

In the face of decreasing globalization and increasing nationalist economic strategies, Nigeria needs to keep trading with its partners. Every nation, at this moment, needs to put food on the tables of its citizens - affordably.

During the dialogue, Dr. Olisa Agbakoba, Senior Partner, Olisa Agbakoba Legal reminded us of Pluto's statement that 'when the cause ceases to have an effect, the effect ceases'. While we appear to have a plethora of issues, the speakers agreed that politics is a great place to begin to correct our national ills. The dialogue also left action points for us Nigerians:

• Talk to your delegates and influence them (tonight is the night for the APC Primaries, so make those calls!)
• Do NOT sponsor or vote for candidates who do not have a feasible plan to improve Nigeria
• Ponder the question 'what is the Nigerian dream?'

God bless the Federal Republic of Nigeria.