NTU-SBF Center Pinpoints Key Reforms for Nigeria’s Economic Revival

InfoStride News recently published a comprehensive report by the NTU-SBF Centre for African Studies, unveiling a 10-Year Economic Roadmap for Nigeria. This extensive 150-page document, titled “Back to Growth: Priority Agenda for the economic revival of Nigeria,” was presented by Amit Jain, the Director of NTU-SBF Centre for African Studies, during a ceremony at Eko Hotel and Suites in Lagos.

In his keynote address, Jain highlighted a series of progressive reforms outlined in the report, designed to steer Nigeria towards sustained economic growth. He emphasized four critical factors that will significantly influence Nigeria’s economic trajectory over the next decade: the international oil market’s price fluctuations, fiscal stability, infrastructure development, and investor confidence.

While acknowledging the limited influence Nigeria has on global oil prices, Jain proposed strategic actions to achieve fiscal stability, enhance infrastructure, and restore investor confidence. He identified three key conditions necessary for sustained growth in the country:

1. **Favorable International Trade and Financial Markets:** Jain stressed the importance of Nigeria being able to borrow at concessional rates if global conditions remain favorable.
2. **Skills Development for the Working-Age Population:** He emphasized the need for the working-age population to acquire the right skills to capitalize on opportunities in a changing world.
3. **Good Governance:** Jain highlighted the critical role of good governance in fostering durable economic growth. Improving the business climate and repairing the social contract between citizens and the state were identified as crucial aspects.

The report suggested that Nigeria’s immediate priority over the next two years should be achieving stabilization. This involves measures such as ending fuel subsidies, tightening monetary policy, transitioning to a flexible unified exchange rate regime, and addressing issues like oil theft to prevent a worsening financial situation.

Following stabilization, the focus should shift towards structural transformation, with an emphasis on dismantling barriers hindering private enterprise. Priority areas include resolving the power shortage, leveraging fiscal space gained from initial reforms to attract private investments.

Furthermore, the report outlined specific time-bound targets to ensure sustained growth. If the recommendations are implemented, Jain believes Nigeria could achieve an annual GDP growth rate of 7%, positioning itself among the top 20 economies globally.

During a panel session at the event, Dr. Doyin Salami, CEO of KAINOS Edge Consulting Limited, emphasized the need for deliberate investments in education to drive growth beyond population growth rates. He highlighted the agro-industry as a key area for Nigeria’s economic prosperity and urged a restructuring of imports to transform the nation into a producing entity.

Ms. Funke Opeke, CEO of MainOne, emphasized the government’s role in creating enabling infrastructure and access to new technologies for the digital economy to thrive. She stressed the importance of investing in the right skills for the digital economy to reach its full potential.

Mr. Farouk Gumel, Chairman of Union Bank, pointed out that Nigeria’s growth challenges are more related to implementation than policies or recommendations. He emphasized the need to make more Nigerians, especially MSMEs, bankable to drive desired economic growth, noting that MSMEs are a significant driver in this regard.