NESG: Economic growth must deliver jobs, higher incomes

By Babajide Komolafe Chairman of the Nigerian Economic Summit Group (NESG), Mr. Omoboyede Olusanya, has called for a shift from measuring Nigeria’s economic progress by headline growth figures to delivering tangible improvements in jobs, incomes, productivity and living standards. Olusanya made the call at the closing of the 32nd Nigerian Economic Summit (NES#32) in Abuja, saying: “Growth that delivers is growth whose impact is strongly felt.

“It means farmers earn more because their productivity has improved; manufacturers produce at lower cost; graduates find decent jobs; businesses access affordable financing; and children receive the nutrition and healthcare they need to thrive.” Introducing “Growth that Delivers” as the guiding principle of his tenure as NESG chairman, he said: “While recent reforms have helped restore macroeconomic stability, stability is only the starting point.

“Bridging the distance between macroeconomic stability and accelerated growth, and between accelerated growth and improved lives and livelihoods, is the task before us all.” Outlining his priorities, Olusanya pledged to make accountability a central feature of the organisation’s engagement with government and other stakeholders. “We will ensure that every priority commitment from this Summit has a designated owner, a timeline and measurable indicators of success, building on the NES Accountability Framework and publishing progress ahead of NES#33,” he stated.

On evidence-driven policy, he said: “We will strengthen our research and policy intelligence to produce rigorous, practical and costed recommendations linked to the National Development Plan 2026–2030.” On investment mobilisation, he pledged that the NESG would work with government, financial institutions and development partners to “turn policy ideas into bankable projects and mobilise capital into agriculture, manufacturing, infrastructure, technology, entrepreneurship and skills.” He also promised to expand economic opportunities across all regions and states, with greater attention to micro, small and medium enterprises (MSMEs) and the informal economy.

On institutional sustainability, he said the NESG would broaden its membership, increase the participation of women and young people, protect its independence and strengthen its sustainability for future generations. Calling for collective action, Olusanya urged governments at all levels to “sustain and improve reforms, reduce the costs of power, logistics and doing business, and maintain predictable policies backed by clear, measurable commitments.” He challenged private-sector leaders to “invest, innovate, develop workforce skills, pay fairly and create productive jobs.” He also urged young Nigerians to “build enterprises, acquire relevant skills and hold institutions accountable,” while calling on civil society to monitor commitments and amplify the voices of underserved communities.

Vanguard Newspaper