The Nigeria Employers' Consultative Association (NECA) has stated that Nigeria must focus on comprehensive sectorial reforms to enhance the country's business environment and attract both domestic and foreign investments.
The NECA stated the need for comprehensive sectorial reforms in a public statement titled, "Nigeria's Q2 2024 GDP Performance and Strategic Path Forward," that it issued during the weekend.
Director General of NECA, Mr. Adewale-Smatt Oyerinde, in the statement, identified enhancing agricultural productivity, revitalising the industrial sector, investing in human capital and strengthening macroeconomic stability as Nigeria's strategic imperatives for sustainable growth.
Oyerinde said that investments in "supporting farmers with modern technology and access to finance is crucial to increasing agricultural output and ensuring food security and will also help to stabilise rural economies and reduce poverty."
He added, "infrastructure improvements, particularly in energy and transportation, are essential for the industrial sector's growth. By creating a more conducive environment for manufacturing and construction, Nigeria can drive economic diversification and reduce reliance on oil revenues."
According to him, education and skill development are critical for empowering the workforce and fostering innovation.
"By focusing on upskilling workers, Nigeria can ensure that its labor force is well-equipped to meet the demands of a rapidly evolving economy, particularly in the services and technology sectors," he said.
Oyerinde stated that strengthening macroeconomic stability would help in addressing the volatility in the foreign exchange market and boost investor confidence and support sustainable economic growth.
Commenting on the recently released GDP report for Q2'24 by the Nigeria Bureau of Statistics, Oyerinde noted that while Nigeria's economy is not yet at a stage of unqualified success, the recent GDP growth indicated, "a positive momentum that, if well-managed, can lead to sustained economic improvement."
He reiterated that government's focus should be on implementing the targeted reforms that would enhance productivity across key sectors, attract investment, and ultimately create a more resilient and diversified economy.
