Why Nigeria Is Yet To Achieve Globally Competitive Private Sector Led Economy -NESG

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The Nigerian Economic Summit Group (NESG) has identified government’s policy inconsistency as one of the factors responsible for non-achievement of globally competitive private sector led economy in Nigeria.

Mr. Asue Ighodalo, NESG Chairman stated this on Tuesday in Abuja at the High-Level Private Sector Dialogue with the Conference of Speakers of State Legislatures.

Ighodalo pointed out that over the years
policy inconsistencies have marred the aspirations to achieve a globally competitive private sector led economy.

He however, said despite this hurdle, the NESG has consistently remained undeterred in proffering policy prescriptions to both national and sub-national governments in the country.

For Nigeria’s economy to achieve meaningful economic growth and development, he advocated for an effective legislative framework for improving the business environment and achieving its global competitiveness at both States and local government areas.

As part of the recommendations at the 21st Nigerian Economic Summit (NES #21), Ighodalo said “it was agreed that the private sector should collaborate with the legislature to carefully identify the relevant laws that impact business environment and the creation of an enabling environment, and then take action to amend, enact, or repeal same, encourage and support the legislature to improve these laws by amendment, or by enacting new laws where legislative gaps exist or repeal any of the Laws that are outdated or inimical to business, job creation and economic growth.”

He contended that the challenges confronting Nigeria require a multi-dimensional approach to resolving them, adding that to overcome the nation’s economic challenges, the legislature is one of the institutions that must be engaged by and collaborate with the private sector to ensure that the appropriate solutions required are underpinned by a supportive legislative framework.

Besides, he underscored the need for States and local government areas in Nigeria to be in the fore-front of championing economic growth and development through creation of favourable business climate, enabling laws, provision of infrastructural facilities and attraction of foreign direct investments into the States.

“In support of this, NES #26 participants called for, amongst other proposals, an urgent review of the Nigerian Constitution to remove impediments to subnational competitiveness, with emphasis on identifying and developing subnational factor endowments; marketing their competitive advantages of each subnational to attract foreign investments; encouraging ongoing attempts by Nigerians in Diaspora to invest in their local communities; implementing industrial policies to deliver quick wins in generating jobs; promoting exports and thereby enhancing their revenues; working with the private sector to create economic corridors along existing national transport corridors, and enabling creative mechanisms for increasing investments in infrastructure to drive the growth of rural and subnational economies in critical sectors.

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“At the epicentre of all of the required reform is the nexus symbiosis between the private sector and the sub-national governments.

“Over the years, most of the efforts towards Nigeria’s development had been driven mainly by the Federal Government and it had become clear that this was insufficient.

“In order to put Nigeria on the trajectory to meaningful and strong economic growth, it is imperative to empower the subnational governments with the necessary statutory tools which will eliminate the barriers which inhibit the inclusive economic growth unlocking of their potentials.”


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