NESG Identifies 115 Vague Laws Hindering Nigeria’s Economic Growth
By Patience Ikpeme
The Nigeria Economic Summit Group (NESG) has revealed that approximately 115 vague legislations are hindering Nigeria’s economic growth. The organization’s Earnest Shonekan Centre is currently working to identify and rectify these laws.
Dr. Tayo Aduloju, CEO of NESG, made this disclosure during a recent media engagement. He expressed concern about the impact of these opaque laws on the country’s economic progress.
While acknowledging the recent deceleration in inflation, Aduloju cautioned against complacency. He attributed the slowing inflation rate to factors like the removal of fuel subsidies and the persistent foreign exchange challenges. He emphasized the need for a more comprehensive approach to address these underlying issues to sustain economic growth.
Aduloju stressed the importance of redirecting economic policy towards growth, noting the need for investments in growth-driving sectors. He also pointed out the importance of social investments to uplift the lives of Nigerians. However, he cautioned that these investments must be accompanied by transparency and accountability to gain public trust.
Regarding Nigeria’s debt profile, Aduloju argued that the focus should be on the purpose of the debt rather than the debt-to-GDP ratio. He emphasized the need for debt to be used to finance productive investments that drive economic growth and generate revenue.
Aduloju criticized the government’s lack of clarity on the specific purposes of its debt. He called on the media to play a crucial role in scrutinizing government spending and holding policymakers accountable.
By addressing the opaque legislations, improving economic policies, and ensuring transparency in public spending, Nigeria can unlock its economic potential and achieve sustainable growth and development.
