Economic experts say Nigeria has made significant improvements in macroeconomic indicators.
The experts urged accelerated growth, stronger productivity and policies capable of translating stability into improved household welfare.
The experts and other stakeholders disclosed this while reacting to President Bola Tinubu’s 66th Independence Anniversary speech on Thursday in Abuja.
They said that the macroeconomic indicator had improved, but productivity, poverty, unemployment and household welfare remained major issues.
Mr Williams Osaze, President of the Society for the Promotion of People’s Rights, an NGO, called for stronger productivity and inclusive growth to deliver prosperity.
According to him, Nigeria has recorded progress in the area of economic stability, but must address hardship and weak productivity to make growth meaningful to citizens.
“There is the need for stronger productivity and policies capable of translating stability into improved household welfare.
“Nigeria’s economic performance should be assessed as an ongoing journey rather than a destination,” he said.
Osaze acknowledged improvements in several indicators, including economic growth, foreign reserves, inflation and foreign exchange market stability.
The expert said the increase in non-oil exports to about 6.1 billion dollars was particularly significant because it showed that Nigerian businesses were increasingly generating foreign exchange outside the traditional oil sector.
He said the development indicated that economic diversification was gradually moving beyond policy pronouncements, with agricultural, manufacturing, fertiliser and solid mineral exporters contributing to the country’s foreign-exchange earnings.
According to him, the growth also demonstrates the potential of Nigerian businesses to compete in international markets when production, financing, infrastructure and trade facilitation constraints are addressed.
He, however, cautioned that the achievement should not be viewed in isolation, noting that Nigeria still needs to substantially expand its non-oil export base and increase the number of businesses participating in international trade.
The expert said the latest figures provided evidence of progress, but stressed that the ultimate measure of success would be whether the gains became broad-based and sustainable across the economy.
He also noted that foreign reserves had risen above 40 billion dollars, while inflation had declined substantially from its earlier peak.
He said the foreign exchange market had also become more stable following the unification of multiple exchange rates.
According to him, the improvements indicate that some of the economic adjustments are beginning to produce measurable macroeconomic outcomes.
He, however, noted that the economy had not yet reached its desired destination in spite the improvements recorded.
He said the government should focus on consolidating the gains and ensuring that economic stability translates into stronger and more sustainable development.
Dr Chinedu Amadi, the President of Organisation of Youths in International Trade and Commerce (OY-ITC), an NGO, acknowledged progress, but said Nigeria remained below the level expected of Africa’s largest economy.
Amadi identified unemployment, poverty, insecurity and weak productivity as major indicators, showing that significant economic challenges remained.
He said low productivity was at the root of many of Nigeria’s economic difficulties and required greater attention from policy-makers.
He argued that Nigeria needed substantially accelerated economic growth to keep pace with its expanding population and create sufficient opportunities.
Amadi said that the Gross Domestic Product (GDP) growth of about 10 per cent would be necessary to significantly reduce poverty and insecurity, while absorbing more people into productive activities.
He agreed that both oil and non-oil sectors had contributed to the renewed period of stable growth, adding that such increase would improve employment and support the ability of businesses to compete within and outside Nigeria.
The economist also called for renewed and stronger efforts to ensure that economic reforms produced tangible benefits for ordinary Nigerians.
Mrs Felicia Ayoola, a public servant and an economist, however, offered a more critical assessment of the country’s economic progress.
Ayoola said Nigeria’s progress had remained marginal in spite of decades of economic policies and reforms by successive administrations.
She argued that the benefits of economic reforms had not sufficiently reached the majority of Nigerians.
She said the country needed to assess economic success beyond aggregate growth figures and consider access to basic necessities.
The economist identified education, healthcare, housing and other essential services as important measures of whether economic development was improving citizens’ lives.
She also expressed concern about the condition of Nigeria’s middle class and the growing number of young Nigerians seeking opportunities outside the country.
Meanwhile, Alhaji Yusuf Umar, a University Lecturer, said recent reforms had improved some macroeconomic indicators.
Umar, however, said the gains had not translated sufficiently into stronger household welfare or significantly lower operating costs for businesses.
He called for a shift from economic stabilisation to a productivity-driven growth strategy capable of increasing real incomes and creating productive employment.
The experts said sustained growth in non-oil exports would be more meaningful if it translated into increased production, employment, investment and income for businesses and households across the country.
They said that Nigeria needed to move progressively from exporting largely raw commodities toward greater processing and value addition to increase the foreign exchange earned from each unit of production.
They therefore, urged the government to consolidate reforms that would increase production, reduce the cost of doing business and make Nigerian products more competitive in international markets.
