The Nigerian Economic Summit Group (NESG) has said the economic situation in Nigeria presently is scary.

The private sector-led think tank group said the country needs to take bold and decisive steps to address the challenges.

Chairman of the NESG, Niyi Yusuf, at a pre-summit news conference in Abuja on Friday, noted that one of Nigeria’s pressing concerns now is translating economic growth into improved lives and livelihoods for all its citizens.

Recalling the numbers from the country’s second-quarter 2024 gross domestic product (GDP), Yusuf, who was represented by Ufot Udeme, said that in Q2-2024 Nigeria’s economy recorded a fast GDP growth of 3.2 per cent, compared to 2.5 per cent in Q2 2023.

“Agriculture grew at 1.4 per cent in Q2-2024 from 1.5 per cent in Q2-2023, while industries grew by 3.53 per cent in Q2-2024 from -1.9 per cent in Q2-2023,” he said.

He noted that the services sector recorded a growth of 3.8 per cent in Q2-2024, falling from 4.4 per cent in Q2-2023.

“Nigeria’s weak economic performance is reflected in the declining living standards, with per capita income falling from US$2,162.60 in 2022 to US$1,645.76 in 2023,” he said, adding, “The rising cost of a healthy diet likely worsened the multidimensional poverty rate, which was 62.9 per cent in 2022.”

He said Nigeria also ranks low on the Human Capital Development Index (HCDI), with a score of 0.55, placing it 161st out of 191 countries.

“Our businesses and citizens are under massive pressure from rising costs, inflation, and a struggling economy.

“In 2023, the increased cost of living pushed an estimated 104 million people into poverty (46 per cent poverty rate) from 100 million in 2022. These numbers are compounded by food insecurity, as the number of people suffering from acute hunger in Nigeria is projected to increase to 26.5 million in the June-August 2024 lean season, from a staggering 18.6 million people at the end of 2023 and over 38 per cent of under-five children suffering from chronic malnutrition.”

The Chairman of the NESG said, “These are indeed difficult times for our nation. Global instability, regional volatility, and national socioeconomic uncertainty demand that we take bold and decisive steps.”

He said the theme for this year’s Summit, “Collaborative Action for Growth, Competitiveness, and Stability,” emphasises that now, more than ever, Nigeria must embrace a business-unusual approach, innovative governance, and transformational political leadership.

“It is only through collaborative action between government, business, and civil society that we can unlock Nigeria’s vast potential,” he said.

“Though we face tough times, there are also incredible opportunities ahead. The 30th Nigerian Economic Summit offers a platform for exploring these opportunities, and together, we can shape Nigeria’s future toward shared and sustainable prosperity.”

He noted that the summit, which will be held from October 14 to 16, 2024, in Abuja, will focus on three key areas of People, Leadership, and Institutions, with sub-themes designed to tackle Nigeria’s most pressing challenges and identify opportunities for growth.

The Guardian