How to Grow Nigeria’s Economy

Nigeria, Africa’s largest economy, faces significant socio-economic and political challenges. Several factors have hindered the country’s growth trajectory. The economy relies heavily on the oil sector for revenue and foreign exchange earnings, which makes it vulnerable to global market swings. The country’s fiscal instability, compounded by governance and institutional weaknesses, has eroded investor confidence. Structural bottlenecks, notably in the power sector, further stymie the nation’s growth and cripple industrial productivity. The poor health and education systems not only fuel poverty but also hinder economic resilience.

At heart, Nigeria’s predicament stems from a lack of a clear economic vision and a disjointed understanding of its multifaceted challenges. Efforts to diagnose and redress these challenges are often piecemeal and lack the depth and breadth required to explain the complex web of interlinked issues. The absence of a clear economic direction and a blueprint for the future further complicates Nigeria’s quest for growth. This lack of strategic focus, coupled with poor implementation rigour, underlines why progress has been elusive.

Nigerian leaders must develop a holistic and concerted strategy to pivot towards sustainable growth. This edition of the Development Discourse with Patrick O. Okigbo III will delve into the critical choices and reforms needed to achieve a robust, diversified and sustainable economy. The conversation will cover the keystones of economic revitalisation: strong institutions, growth-catalysing policies, and a pivot from oil dependency towards a multifaceted economy rich in agriculture, technology, manufacturing, and services. In addition, we will explore innovative strategies to strengthen Nigeria’s human capital by fortifying its health and education systems.

A pivotal theme in the discussion will be the importance of leadership reforms. The conversation will explore how Nigeria can breed reform champions—leaders determined to steer change. These champions will catalyse a broad coalition of stakeholders to become committed to the nation’s progress. Furthermore, the discussants will also examine how leaders can implement reforms that engender lasting shifts in the cultural and mindset paradigms of the country.

Join Dr Tayo Aduloju, the Chief Executive Officer of the Nigerian Economic Summit Group and Patrick O. Okigbo III, the founding partner of Nextier, as they discuss the strategic decisions, policies and investments necessary to speed up economic growth and establish Nigeria as Africa’s economic giant.

Title: How to Grow Nigeria’s Economy
Date: Wednesday, April 03, 2024
Time: 15:00 – 16:30 (WAT)
Zoom Link: https://bit.ly/DevDiscourse_GNE