By Abubakar Yunusa
The Nigerian Economic Summit Group has urged the Federal Government to measure economic growth by its impact on jobs, incomes and living standards rather than headline economic figures, warning that macroeconomic stability must translate into improved livelihoods for citizens.
The new Chairman of the NESG, Omoboyede Olusanya, said Nigeria must move beyond celebrating economic indicators and prioritise policies that directly improve the welfare of ordinary Nigerians.
Olusanya stated this on Tuesday while outlining his priorities for the organisation, saying his tenure would be guided by the principle of “growth that delivers”.
“Growth that delivers is growth whose impact is strongly felt,” he said.
He explained that economic progress should be reflected in better earnings for farmers, reduced production costs for manufacturers, decent employment for graduates and access to affordable financing for businesses.
According to him, children must also have access to adequate nutrition and healthcare to enable them to thrive.
The NESG chairman acknowledged that recent economic reforms had helped restore macroeconomic stability but insisted that more needed to be done to accelerate productivity, attract productive investments and reduce poverty.
“Bridging the distance between macroeconomic stability and accelerated growth, and between accelerated growth and improved lives and livelihoods, is the task before us all,” he said.
Olusanya outlined five major commitments that would shape the NESG’s agenda during his tenure.
They include strengthening accountability, promoting evidence-driven policymaking, mobilising investment, expanding economic opportunities and ensuring institutional sustainability.
On accountability, he said every commitment made at the Nigerian Economic Summit would have a designated owner, implementation timeline and measurable indicators of success.
He added that the organisation would build on its existing accountability framework and publish progress reports ahead of the 33rd Nigerian Economic Summit.
The chairman said the NESG would also strengthen its research and policy intelligence to produce practical and costed recommendations aligned with the National Development Plan 2026–2030.
He noted that the group would collaborate with the government, financial institutions and development partners to transform policy proposals into bankable projects capable of attracting investments.
The proposed investments, he said, would target agriculture, manufacturing, infrastructure, technology, entrepreneurship and skills development.
On expanding economic opportunities, Olusanya said greater attention would be given to micro, small and medium-sized enterprises and businesses operating in the informal sector.
He said the initiative would be pursued across states and regions under the group’s ‘Scale Nigeria’ agenda.
Olusanya also pledged to broaden the organisation’s membership, increase the participation of women and young people, protect its independence and strengthen its institutional capacity.
The NESG chairman urged governments at all levels to sustain economic reforms while addressing the high costs of electricity, logistics and doing business.
He also called for predictable government policies backed by clear and measurable commitments.
He challenged private-sector operators to increase investments, embrace innovation, develop workers’ skills, pay fair wages and create productive employment.
Olusanya urged young Nigerians to build businesses, acquire relevant skills and hold public institutions accountable.
He also tasked civil society organisations with monitoring government commitments and amplifying the concerns of underserved communities.
Development partners, he said, should align their interventions with Nigeria’s priorities and focus on financing measurable development outcomes.
The chairman further called for stronger trade and investment relations with the international community and closer collaboration among universities, industries and policymakers to equip Nigerians with skills needed in a changing economy.
He reaffirmed that the NESG would remain independent, non-partisan, private-sector-led and evidence-driven in its engagement with the government.
“Our allegiance is to national prosperity and not to any administration,” he said.
Olusanya described his assumption of office from the immediate past chairman, Olaniyi Yusuf, as a continuation of the organisation’s mission, which began in 1993.
He commended Yusuf for steering the group through a period of transition and reform.
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