Economy:Too Much Pressures on businesses and citizens – NESG
Rising costs of good and services, inflation and other factors have been identified as reasons why businesses and citizens are under pressure.
Chairman of the Nigerian Economic Summit Group (NESG), Niyi Yusuf, stated this Friday in a press conference to herald the 30th edition of the Nigeria Economic Summit in Abuja.
Mr Yusuf at the occasion called for a collaborative efforts for meaningful reforms to salvage the ugly situation.
The theme for this year’s summit is “Collaborative Action for Growth, Competitiveness, and Stability,”
Yusuf said the summited will dwell on bringing experts from business, civil society and government to carve out strategies at checking the current economic woes.
The event, expected to hold in October 2024 will provide an avenue for discussions on human capital development, security and the need for meaningful reforms to engender an environment of competitive business.
“Our businesses and citizens are under massive pressure from rising costs, inflation, and a struggling economy,” Mr Yusuf said.
According to him, the rising cost of food, housing, transport and others have pushed 104 million people into poverty in 2023, up from 100 million the previous year.
Yusuf said the country’s economic problems are however attributed to structural issues that have prevented sustainable growth.
Using data and statistics, Yusuf said while Nigeria recorded a 3.2 per cent GDP growth in Q2 2024, compared to 2.5 per cent in the same period the previous year, the benefits have not translated into better livelihoods for the average Nigerian.
“Nigeria’s weak economic performance is reflected in declining living standards, with per capita income falling significantly and poverty rates soaring,”
On his part, Minister of Budget and Economic Planning, Abubakar Bagudu, who was represented by the Permanent Secretary in the ministry, Emeka Obi, said the 30th Nigerian Economic Summit would address Nigeria’s pressing economic challenges by focusing on collaborative action for growth, competitiveness, and stability.
He assured that government will create a favourable environment for investments, while acknowledging the crucial importance of private sector as engine of growth.
