NESG chair calls for urgent action to consolidate reforms, drive inclusive growth

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

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

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

Yusuf outlined seven key priorities to sustain reforms and unlock growth — industrialisation, infrastructure investment, investor confidence, fiscal sustainability, inclusion, institutional strengthening, and security.

He said Nigeria must boost industrialisation and enterprise growth by supporting micro, small and medium enterprises (MSMEs), which account for 96 percent of businesses, with access to affordable finance, reliable power supply and technology.

The NESG chair also stressed the importance of policy consistency, investor protection, and faster dispute resolution in improving the country’s investment climate.

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

‘Policies Must Be Inclusive’

Yusuf emphasised that economic growth must be inclusive and translate into improved livelihoods through jobs, education, healthcare, and social protection.

He also called for stronger institutions that would make reforms last, adding that regulators should enable, not suffocate, businesses.

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

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

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

The NESG chair identified security as a critical foundation for reform, noting that without peace, “farmers cannot plant, traders cannot move goods, and investors cannot take risks.”

‘Nigeria must protect, not picket investors’

Yusuf said the next phase of reforms which he described as the “acceleration phase” must focus on structural transformation, human capital development, innovation, and competitiveness.

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

He added that capital only flows where it finds “predictability, credibility, and trust,” urging policymakers to send a clear message to investors.

“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 Nigeria’s transformation, saying 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 with collective effort, Nigeria can build a prosperous and inclusive nation “where no one is left behind.”