NESG Warns Against Reversing Economic Reforms in Nigeria

The Nigerian Economic Summit Group (NESG) has issued a warning that any attempt to reverse current economic reforms could significantly set back Nigeria's growth trajectory, potentially returning it to crisis-era levels of around 2 percent growth. Dr. Joseph Ogeb, head of research at NESG, highlighted that Nigeria is currently in a consolidation phase following a near collapse of its economy in recent years.

He noted that while growth is projected to improve to 2.5 percent in 2023, the benefits of reforms implemented over the past 30 months have yet to translate into tangible benefits for citizens. The NESG's chief economist, Olusegun Omisakin, stressed that reversing reforms would exacerbate fiscal pressures and weaken investment, leading to increased poverty.

The group emphasized the need for coherent policy implementation and public trust to sustain reforms beyond political cycles. Seun Ojo, head of public affairs at NESG, pointed out that the upcoming 31st Nigerian Economic Summit will focus on translating macroeconomic gains into productive resilience and fair growth.