NESG:The 6 critical reforms Nigeria should proritise to create jobs and lift millions out of poverty

L-R: Mr. 'Laoye Jaiyeola; CEO NESG, Mr. Ed Ubong; Managing Director; Shell, Mr. Folusho Phillips; Chairman Phillips Consulting; NESG, Mr. Asue Ighodalo; Chairman; NESG, Ms. Eme Lore; Country Manager; IFC, Dr. Ayo Teriba; Economist, Mr. Andrew Nevin; Partner and Chief Economist; PwC at the official launch of the NESG 2020 Macroeconomic Outlook Report themed: Nigeria in the New Decade in Lagos.
  • The Nigerian Economic Summit Group (NESG) releases a macroeconomic outlook report for 2020.
  • The report focuses on job creation as a means of lifting millions of Nigerians out of poverty.
  • The sectors are manufacturing, construction, professional, scientific and technical services, among others.

The Nigerian government has been advised to implement six key reforms to improve sectoral capacity by lifting millions out of poverty, create 12 million additional jobs, and propel economic growth.

The reforms, according to the Nigerian Economic Summit Group (NESG)'s macroeconomic outlook report for 2020, include those in the manufacturing, construction, professional, scientific and technical services. Others are education, trade, and health sectors.

The report released on Wednesday, January 29th, 2020, titled, “Nigeria in the New Decade,” focuses on job creation as a means of lifting millions of Nigerians out of poverty.

Asue Ighodalo, the chairman of the board of the NESG, while unveiling the 2020 Macroeconomic outlook report stated that the NESG recognises the importance of engagement for the growth of the Nigerian economy, and that is why the 2020 Macroeconomic outlook report focuses on the sectors Nigeria should proritise for growth and accelerated development in the new decade.

‘Laoye Jaiyeola, the NESG CEO, said, “To step up the inclusive growth narrative, our Macroeconomic Outlook for 2020 takes a deep dive approach to fix Nigeria’s poverty problem through accelerated economic growth and job creation as a precursor to inclusive economic growth.”

Implementation will increase their contribution to GDP by 58%

The Think-Thank Group said deliberate prioritisation of the development of these sectors would increase their contribution to GDP to 58% in the next five years from 38% in 2018. “Our estimate shows that as the selected sectors’ growth and contribution to GDP expand through government reforms, so will their propensity to employ a larger part of the labour force.”

We believe that the implementation of the highlighted reforms for the six sectors, along with, some general reforms will yield an additional 12 million direct jobs in the next five years and propel GDP growth to reach 6-8% per annum,” the report states.

According to the report, in five out of the six sectors, the private sector will be the major source of job creation, provided the government implements crucial reforms aimed at addressing production constraints and attracting significant investments.

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