…Urges FG To Prioritise Jobs, Higher Incomes, Lower Production Costs
…Warns Economic Stability Does Not Automatically Deliver Prosperity
The Nigerian Economic Summit Group (NESG) has urged the Federal Government to translate economic growth and slowing inflation into better jobs, higher incomes and improved living standards, warning that macroeconomic stability alone does not guarantee prosperity for Nigerians.
NESG Chairman, Olaniyi Yusuf, made the call on Monday at the opening of the 32nd Nigerian Economic Summit in Abuja, noting that improvements in key economic indicators were yet to translate fully into better conditions for households and businesses.
Yusuf said the success of economic reforms should be measured not only by growth figures but also by their impact on business competitiveness, job quality, household incomes and the distribution of prosperity.
“GDP growth alone cannot tell us whether enterprises are becoming more competitive or households are better off. We must judge success by the quality of jobs, the productivity of our businesses, and how widely prosperity reaches our people,” he said.
He cautioned that the slowdown in inflation should not be mistaken for a reduction in the cost of living, stressing that prices remained high despite a moderation in the rate at which they were increasing.
“Slower inflation does not mean prices have become affordable. It means they are rising more slowly from levels that already constrain households’ budgets,” he said.
The NESG chairman said the government must ensure that ongoing reforms deliver tangible benefits, including decent employment, improved purchasing power, greater security and reduced poverty.
For businesses, he said, the priority should be to reduce production costs, improve infrastructure, raise productivity and expand access to affordable financing.
“Stabilisation creates the conditions for progress. It does not automatically deliver it. For instance, a more stable exchange rate does not by itself make a manufacturer competitive,” Yusuf said.
He expressed support for the continuation of the government’s economic reforms, including petrol subsidy removal, foreign exchange market reforms, fiscal restructuring, tax reforms and banking sector recapitalisation.
According to him, the measures are necessary to address longstanding economic distortions that weakened public finances and hindered the efficient allocation of resources.
However, he acknowledged the significant pressures the reforms had placed on households and businesses, insisting that the next phase of implementation must focus on translating their benefits into measurable economic improvements.
“Therefore, the task before us is not to reverse or suspend reforms,” he said.
Rather, Yusuf urged the government to prioritise lower production costs, reliable infrastructure, productive investment and more efficient public spending to strengthen the link between economic stabilisation and improved living standards.
He identified unreliable electricity supply, expensive credit, inadequate transport infrastructure, insecurity and regulatory uncertainty as major constraints increasing the cost of doing business in Nigeria, particularly for small and medium-sized enterprises.
“Our entrepreneurs are remarkably resilient, but resilience should not excuse an environment that makes productivity unnecessarily expensive,” he said.
He urged the government to sustain macroeconomic stability, provide essential public goods and maintain predictable regulations, while calling on businesses to invest in technology, workforce skills, local supply chains and export competitiveness.
On employment, Yusuf said policymakers must look beyond headline unemployment figures to assess the quality of available jobs, the prevalence of informal work and the adequacy of workers’ earnings.
“Having work does not necessarily mean earning an adequate income,” he said.
He called for stronger alignment between education and labour market requirements through expanded technical and vocational training, digital skills development and programmes tailored to industry needs.
Yusuf also advocated greater investment in education, healthcare, nutrition and social protection, describing them as essential components of productivity and inclusive economic growth.
He said women, young people and underserved communities required particular attention to ensure that the benefits of economic transformation reached a broader section of the population.
“Shared prosperity must be built into economic transformation, rather than treated as a benefit that will eventually follow growth,” he said.
The NESG chairman further called for stronger accountability in implementing resolutions reached at previous economic summits, urging stakeholders to distinguish between initiatives launched, milestones completed and measurable outcomes achieved.
He said trade reforms, for instance, should be assessed by their ability to reduce exporters’ logistics costs, improve the predictability of port procedures and increase non-oil exports, investment and employment.
“But putting reforms in place is not the same as demonstrating their impact,” he said.
Yusuf urged participants at the 32nd summit to ensure that commitments made during the event were backed by clearly identified implementing institutions, realistic timelines, measurable performance indicators and periodic reviews.
He said such an approach would strengthen accountability, improve policy implementation and ensure that economic reforms translated into concrete benefits for households and businesses.
