Research Document: Understanding the Nigerian Economy - Critical Issues for the Attention of Incoming Administration

Special Reports

Posted Wed, Jan 18, 2023 11:43 AM

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The aspiration of Nigerians since 1960 has been that by the 21st Century, Nigeria would have become a modern, upper-middle income, safe and secure developed democratic State motivated by transformational leadership. With successive general elections in the past, eleven known military coups, and the return to democratic rule in 1999, the hopes of Nigerians have been continuously dashed. The vision of a peaceful, prosperous, united, strong, and cohesive Federation where the rule of law prevails seems dimmed with today's formidable challenges.

Nigeria's age-long challenges are not unconnected with the macroeconomic instability experienced in the country over time. The unstable macroeconomic space is reflected in high inflation, exchange rate volatility, constricted fiscal space, weak external reserves, and balance of payments problems. This, in addition to social and political instability, has proved the extent of Nigeria's vulnerability to shocks. In 2021, Nigeria was ranked among the bottom half of African countries classified as less resilient to shocks by the African Development Bank (AfDB). Unfortunately, the country’s vulnerability burden is borne by the people at the bottom of the income pyramid, which could aggravate the insecurity problem.

The year 2023 presents another opportunity to demonstrate a strong political will to tackle Nigeria's socioeconomic challenges. Hence, the NESG seeks to unveil the six critical challenges for the urgent attention of presidential aspirants: unemployment surge, substantial infrastructural deficit, fiscal weakness, human capital and skills gap, flawed security architecture, and corruption. This report also delves into the causes and implications of the highlighted critical challenges. It also highlights the policy imperatives to actualise a best-case scenario and transform Nigeria into a strong, corrupt-free, and globally competitive economy in 2023 and beyond. Download the report attached to learn more.

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