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NESG Launches 2021 Macroeconomic Outlook, Emphasises Investment-led Growth

Feb 03, 2021   •   by   •   Source: Proshare   •   eye-icon 756 views

Wednesday, February 03, 2021 / 11:52AM / NESG /HeaderImage Credit: NESG



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TheNigerian Economic Summit Group (NESG) recently released its macroeconomicoutlook report for 2021 withthe theme "4 priorities for the NigerianEconomy in 2021 and beyond."


Thechairman of the board of the NESG, Mr. Asue Ighodalo, while unveiling the 2021Macroeconomic outlook said that the NESG recognized the importance ofengagement for the growth of the Nigerian economy and that was why the 2021Macroeconomic outlook focused on the sectors Nigeria should prioritize forgrowth and accelerated economic recovery.

 

He notedthat the outbreak of COVID-19 shaped the direction of many economiesand reversed the positive economic outlook which resulted in commodity prices,major currencies, and investment inflows taking a hit as the Pandemicsuppressed demand and disrupted the supply chain. More so, Mr. Ighodalo revealed thatthe twin effects of the pandemic and global crash in oil price exposed the weakmacroeconomic fundamentals and led to a recession in Q3-2020 with real GDP contractingby 6.1% and 3.6% in the second and third quarters of 2020.

 

TheChairman of the NESG stated that thisyear's macroeconomic outlook emphasizes '4PRIORITIES' essential to delivering a high, sustainable, and inclusiveeconomic growth for Nigeria over the next few years and that the priorities aremacroeconomic stability, policy and regulatory consistency, sectoral reforms,and human capital development.

 

Whilepresenting the 2021 Macroeconomic Outlook report, Director of Research, NESG,Dr. Olusegun Omisakin, and Senior Economist at the NESG, Mr. Wilson Erumebor,said that inflation has consistently increased to 15.8 percent and thatNigeria's Foreign Direct Investments declined in the second and third quarterof 2020; having a significant impact on the economy.

 

He saidNigeria had a trade deficit at the time of the border closure and externalreserves in 2019 and maintained a downward trend into 2020. Furthermore, Mr.Erumebor reiterated the need for Nigeria to intensify macroeconomic stability,policy and regulatory consistency, sectoral reforms, and human capitaldevelopment which should be geared towards creating a favorable businessenvironment that attracts investment into crucial sectors of the economy andimproves the welfare of the average Nigerian.

 

He notedthat the report established a Lack of coherence between states and the federalgovernment which continues to hinder and result in social and economic lossesand that Policymaking should be driven by the need to create public value. "Ithas become pertinent for the government to improve access to education,curriculum review and delivery, ICT and healthcare reforms while leveraging onprivate sector investment. Urgency and intensity of reforms must be the newpriority." He stated.

 

Thechairman of the Presidential Advisory Council, Dr. Doyin Salami whilecommenting on the 2021 Macroeconomic Outlook report said that he subscribes tothe fundamental thesis that going forward Nigeria needs lots of investments. "Reforms mean you depart from where you currently are and doing so means somecosts must be borne. The question is who bears the costs? If we fail to reformdeeply and sustainably, then we won't get the change we desire. We must not besatisfied as a country to simply exit recession, there are a need forreformation, deep and sustainable reforms." Dr. Salami stated.

 

Whiledelivering the closing remarks, our Chief Executive Officer, Mr. Laoye Jaiyeolastated that in 2021 andbeyond, the federal and state governments must be deliberate and proactive tocounter the effects of the pandemic and that government at all levels mustembark on reforms aimed at attracting investments into crucial sectors of theeconomy to forestall economic hardship, wider income inequality, and increasingpoverty.


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Download Full PDF Report Here

 

Download Here - NESG Presentation on 4 Priorities for the Nigerian Economy in 2021 and Beyond


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Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.

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