Soludo Advocates 9% Growth for Nigeria's Economic Progress

Professor Chukwuma Soludo, the governor of Anambra State, addressed the Nigerian Economic Summit 32 (NES32) in Abuja, stating that Nigeria requires an annual economic growth rate of at least 9% to significantly reduce poverty and create jobs. He warned that the current growth rate of about 4% is insufficient for meaningful improvements in living standards.

Soludo indicated that to achieve a $1 trillion economy by 2030 or 2040, Nigeria would need to grow at least 12% annually. He noted that the investment rate, currently between 17% and 20%, must increase to support the necessary economic expansion.

Soludo cautioned against misinterpreting high nominal government spending as substantial public investment, highlighting that consolidated expenditure across all government levels is less than $1 per person daily. He called for better coordination among federal, state, and local governments and cited Anambra's free education program as a successful initiative that reduced the out-of-school children rate from 2.5% to 0.25%.

He also stressed the need to address post-harvest losses in agriculture to lower food prices.