Economic Reforms Must Translate to Real Prosperity, NESG Chairman Tells Government
The Nigerian Economic Summit Group (NESG) has called on the federal government to transform its current economic reforms into tangible benefits for citizens, emphasizing the need to move beyond policy implementation to delivering actual prosperity.
Speaking at the launch of the 31st NESG summit in Abuja on Monday, Chairman Olaniyi Yusuf commended President Bola Tinubu’s administration for implementing bold economic measures, including the removal of fuel subsidies, exchange rate unification, and tax system reforms. However, he stressed that these initiatives must yield concrete results for the Nigerian people.
While government officials, including President Tinubu, maintain that the worst effects of these policies are over and point to declining inflation rates as evidence of economic improvement, many Nigerians continue to struggle with unprecedented food prices and rising costs of goods and services.
“Reforms are never painless, but pain must have purpose,” Yusuf stated, acknowledging the hardships faced by millions of Nigerians during this transition period. He emphasized that the current sacrifices must lead to meaningful progress, saying, “The pain must lead to progress; reforms must deliver opportunity, not just numbers.”
Drawing parallels with successful economic transformations in Asia, Yusuf cited examples of Japan, China, South Korea, and Vietnam, noting that their achievements came through unwavering commitment to people-centered reforms. He described the current period as Nigeria’s “moment of renewal” and called for action driven by “integrity, urgency, and inclusivity.”
The NESG chairman identified key priorities necessary for sustaining growth, including:
– Infrastructure investment
– Private sector investment facilitation
– Fiscal responsibility
– Inclusive economic policies
– Institutional strengthening
– Security enhancement
While acknowledging that Nigeria has entered a “stabilization phase” with some positive results from recent policy changes, Yusuf emphasized the need to accelerate progress toward the consolidation phase. This transition, he explained, should focus on creating jobs, fostering growth, and ensuring inclusive development while building a foundation for long-term transformation.
“If these priorities are achieved, consolidation will deliver broad-based growth and opportunity. Nigerians will then begin to feel that reforms are not just statistics, but real improvements in daily life,” Yusuf concluded.
