NESG: Nigeria must act urgently to consolidate reforms, accelerate growth

Olaniyi Yusuf, chairman of the Nigerian Economic Summit Group (NESG), has called for urgent and deliberate action to consolidate ongoing economic reforms and accelerate inclusive growth in Nigeria.

Speaking at the opening of the 31st Nigerian Economic Summit (NES#31) in Abuja on Monday, Yusuf said recent stabilisation efforts had given the country “breathing space” to pursue resilient and broad-based growth.

“Stabilisation has given us the breathing, resilient and inclusive growth to consolidate. We must act urgently and we must be deliberate,” he said.

The NESG chair outlined seven critical priorities to sustain reforms and unlock growth, including industrialisation, infrastructure investment, investor confidence, fiscal sustainability, inclusion, institutional strengthening, and security.

He said Nigeria must drive industrialisation and enterprise growth by giving micro, small and medium enterprises (MSMEs), which account for 96 percent of businesses, access to affordable finance, stable power and technology.

Yusuf added that policy predictability, investor protection and faster dispute resolution were key to improving the investment climate.

“Fiscal and monetary policies must sustain trust and growth, tame inflation through output expansion, and maintain exchange rate credibility,” he said.

‘POLICIES MUST BE INCLUSIVE’

The NESG chair also emphasised the need for inclusion, saying growth must be felt in households through jobs, education, healthcare and social protection.

“Policies must be pro-youth, pro-women and pro-poor, ensuring that opportunity is widely shared,” he said.

He called for stronger institutions to make reforms last, noting that regulators should enable, not stifle, businesses.

“A narrow focus on internally generated revenue at the expense of business growth will kill the goose that lays the golden egg,” Yusuf said.

“Dead businesses don’t employ workers, they don’t pay salaries, and they don’t pay taxes.”

Yusuf listed security as a key enabler of reform, warning that without peace, farmers cannot plant, traders cannot move goods, and investors cannot take risks.

He said the next phase of reforms, what he called the “acceleration phase,” must focus on structural transformation, human capital development, innovation and competitiveness.

Yusuf proposed a national development framework built around what he termed the “five I’s” – industrialisation, infrastructure, investment, inclusion and institutions – to guide the 2026–2030 National Development Plan.

He said capital only flows where it finds “predictability, credibility, and trust,” urging policymakers to ensure Nigeria remains open to investors and protects them from unfair treatment.

“Nigeria must send a clear message: we will protect, not picket, investors as we have sadly seen recently with the Dangote Refinery,” he said.

Yusuf described the private sector as a co-architect of transformation, adding that the government must provide affordable finance, clear regulations, reliable infrastructure and predictable taxation to unlock enterprise.

“Our intentions must drive change, our actions must inspire hope, and our vision must uplift generations,” he said.

The NESG chair added that Nigeria can build a prosperous and inclusive country “where no one is left behind”.