LAGOS, Nigeria (VOICE OF NAIJA) – The Nigerian Economic Summit Group, NESG says the Federal Government should provide robust support to the private sector, emphasising the need for contingency plans and strategies to revitalise the economy.
NESG made this appeal while releasing its 2024 private sector outlook report under themed “Nigeria’s Private Sector in Turbulent Times: Mitigating Risks and Positioning for Economic Transformation.”
Highlighting the challenges facing Nigeria’s private sector, the report underscores persistently weak productivity amid soaring production costs and liquidity constraints in the forex market.
The Chief Economist and Head of Research and Development at NESG Dr. Olusegun Omisakin, presented the macroeconomic outlook, revealing a decline in Nigeria’s economy from $400 billion in 2022 to $356 billion in 2023, with private sector productivity remaining notably subdued.
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Dr. Omisakin outlined key strategies in the report to include product diversification, innovative marketing leveraging technology, market research, cost optimization, supply chain diversification, regulatory compliance, exchange rate risk management, and contingency planning.
These strategies aim to bolster Nigeria’s economy by fostering a more agile and responsive private sector.
Identifying the primary hurdles faced by the organised private sector, Dr. Omisakin emphasised the high cost of production and challenges in conducting business across the nation.
Chairman of the NESG Board of Directors, Mr. Niyi Yusuf, echoed these concerns, noting the fragility of Nigeria’s economic growth post-recession induced by the pandemic.
He highlighted the turbulent economic environment characterised by internal and external factors, including the stringent implementation of the naira redesign policy in 2023, which exacerbated cash flow constraints and economic disruptions across sectors.