Engaging stakeholders, key to Nigeria’s rising unemployment, multidimensional poverty — NESG

Engaging stakeholders, key to Nigeria’s rising unemployment, multidimensional poverty — NESG



By Fortune Eromosele, Abuja

The Nigerian Economic Summit Group, NESG, has identified engaging key stakeholders in the economy as a lasting solution to Nigeria’s rising unemployment and multidimensional poverty.

NESG in a statement in Abuja on Friday, said, “Nigeria is currently grappling with rising unemployment, income disparity, and multidimensional poverty. These challenges are worsened by an uneven allocation of resources, macroeconomic instability, and institutional deficiencies.

“Data from the National Bureau of Statistics (NBS) in 2022 revealed that approximately 62.9% of the population live in multidimensional poverty, threatening the development of a vibrant middle class. With population growth outpacing poverty reduction, Nigeria’s current trajectory highlights the critical need to prioritise long-term development and shared prosperity”.

Despite the ongoing economic challenges, the NESG, however, expressed satisfaction with the current administration’s 8-point agenda targeted at getting Nigeria out of the woods. It referenced the World Bank’s forecast of an average annual economic growth rate of 2.9 percent for the country between 2023 and 2025, underscoring the possibility of positive change with all hands on deck.

According to the NESG, “Technological advancements and their increasing adoption offer glimpses of what can be achieved with the proper mechanisms. The change in political leadership also brings the opportunity for fresh ideas and the rectification of economic policies that have weakened the fiscal system.”

The NESG also advocated for constructive dialogue that incorporates the ideas of stakeholders. It assured that NES 29 would build on the legacy of previous summits to nudge the public and private sectors to co-create solutions that drive shared prosperity.

To this end, the NESG announced its 29th summit (NES 29) with the theme: “Pathways for Sustainable Economic Transformation and Inclusion”.

The Group said, “In the context of a new government administration, there is an undeniable need to reinvigorate our efforts to achieve sustainable economic development. The 29th Nigerian Economic Summit is not just an annual event; it represents a call for change, a clarion call for renewed commitment, and a dedicated effort to turn our economy around for the better”.


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