By Ugo Aliogo
The Nigerian Economic Summit Group (NESG) has released its macroeconomic outlook report for 2021 with the theme: “Four Priorities for the Nigerian Economy in 2021 and Beyond.”
In a statement, the chairman of the board of the NESG, Mr. Asue Ighodalo while unveiling the 2021 Macroeconomic outlook report stated that the NESG recognises the importance of engagement for the growth of the Nigerian economy and that is why the 2021 Macroeconomic outlook report focuses on the sectors Nigeria should proritise for growth and accelerated economic recovery.
He noted that the outbreak of COVID-19 shaped the direction of many economies and reversed positive economic outlook which resulted in commodity prices, major currencies and investment inflows taking a hit as the Pandemic suppressed demand and disrupted supply chain.
Poor Nigerians Will Increase By 15 Million Soon, World Bank Says
Nigeria needs to push forward policies that improve the business environment and improve the welfare of the average Nigerian.
by Saharareporters, New York
Feb 03, 2021
Nigeria needs to implement key reforms to get the economy out of the current doldrums and achieve sustainable, inclusive growth, the World Bank and the Chairman of the Presidential Economic Advisory Council, Dr Doyin Salami, have said.
They said this on Tuesday at the virtual launch of the 2021 Macroeconomic Outlook of the Nigerian Economic Summit Group, a private sector-led think-tank.
At the forum, the World Bank said its estimates show that between 15 million and 20 million Nigerians would join the poverty rank by 2022, Punch reports.
The Nigerian Economic Summit Group (NESG) has projected that the country’s economy will grow by 2.9 per cent this year. This was contained in the NESG’s 2021 Macroeconomic outlook and review of 2020 economic performance released recently. SON renews PAN Nigeria’s quality certification NSCDC relaunches counter-terrorism unit, deploys 150 personnel in Oyo State “In addition […]
World Bank Senior Economist, Gloria Joseph-Raji, has said Nigerian government’s inability to curb economic challenges will make 15 to 20 million Nigerians poorer by 2022.
Joseph-Raji listed factors that will push more Nigerians into poverty while speaking on Tuesday at the virtual launch of the 2021 Macroeconomic Outlook of the Nigerian Economic Summit Group (NESG).
The government had planned to lift 100 million Nigerians from poverty, but the country’s economic downturn has posed a challenge which President Muhammadu Buhari’s administration has found difficult to subdue.
Joseph-Raji stated that lack of jobs have prevented poor Nigerians from crossing the poverty line. She also cited low growth in the business environment as a factor driving poverty level high within the country.
NESG predicts Nigerian economy to beat IMF forecast for 2021
The group suggests what the government must do to boost growth.
The
Nigerian Economic Summit Group has predicted a growth rate of 2.9 per cent for the Nigerian economy in 2021, higher than the 1.5 per cent growth rate suggested by the International Monetary Fund.
The NESG identified eight key policies and events that will help shape the outlook of Nigerian economy in 2021.
This is contained in the group’s
2021 Macroeconomic Outlook Report titled, “Four Priorities for the Nigerian Economy in 2021 and Beyond,” launched virtually on Tuesday.
According to the report, for Nigeria’s economy to get back on track, the economy needs a high, robust and sustained economic growth that will deliver a significant reduction in unemployment and poverty.