A consortium of economic Experts Urge Urgent Action, stressing the critical need for Nigeria to swiftly establish a robust and continentally competitive economy. The lack of competitiveness has become a pressing concern, particularly in light of the challenges posed by the Africa Continental Trade Agreement (AfCTA). At the launch of the Nanyang Technology University-Singapore Business Federation’s (NTU-SBF) Center for African Studies, a 10-year Economic Roadmap for Nigeria was unveiled, shedding light on missed targets in the 2021-2025 National Development Plan.
Former Chairman of the Economic Advisory Council, Dr. Adedoyin Salami, addressed the gathering during the report’s launch, emphasizing the misconception of viewing exchange rate appreciation as a measure of national strength. He pointed out that while appreciating the currency might be beneficial for those with foreign currency obligations, it simultaneously leads to job exportation and undermines fundamental competitiveness. Salami stressed the urgency of building a rich and competitive economy on a continental scale before venturing into global economic discussions.
Experts Urge Urgent Action the Africa Continental Trade Agreement (AfCTA) emerged as a significant point of concern among the experts, highlighting the intense competition it brings. Dr. Salami called for a national conversation to clarify Nigeria’s objectives and the role of exchange rates in achieving those goals.
Mr. Amit Jain, Director of NTU-SBF Center for African Studies, described the report, titled “Back to Growth: Priority Agenda for the Economic Revival of Nigeria,” as the center’s effort to outline a roadmap for the new administration. Jain identified human capital, good governance, and favorable international market conditions as crucial factors for sustaining growth in Nigeria.
Adding a corporate perspective, Mr. Farouk Gumel, Group Executive Director/Vice Chairman of Tropical General Investment (TGI) Group, Africa, emphasized the positive outlook for the financial sector but underscored the necessity for inclusion. He stressed that achieving inclusivity is paramount to leveraging the sector’s potential.
As Nigeria grapples with economic challenges and missed developmental targets, the experts are calling for a comprehensive and strategic approach to rejuvenate the nation’s economic landscape, ensuring competitiveness and inclusive growth.
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