{"id":1634,"date":"2026-10-27T05:52:56","date_gmt":"2026-10-27T05:52:56","guid":{"rendered":"https:\/\/globalnigerianews.com\/index.php\/2026\/10\/27\/nesg-presents-mixed-outcomes-for-nigerias-economic-reforms\/"},"modified":"2026-10-27T05:52:56","modified_gmt":"2026-10-27T05:52:56","slug":"nesg-presents-mixed-outcomes-for-nigerias-economic-reforms","status":"publish","type":"post","link":"https:\/\/globalnigerianews.com\/index.php\/2026\/10\/27\/nesg-presents-mixed-outcomes-for-nigerias-economic-reforms\/","title":{"rendered":"NESG presents mixed outcomes for Nigeria\u2019s economic reforms"},"content":{"rendered":"
\"NESG<\/p>\n

\u2022Says stabilisation creates conditions for progress but doesn\u2019t deliver it<\/em><\/p>\n

By Emeka Anaeto,<\/strong> Business Editor<\/em><\/p>\n

Amid ongoing debates among stakeholders over the performance of Nigeria\u2019s three-and-a-half-year-old economic reforms, the Nigerian Economic Summit Group (NESG) has declared that the reforms have so far delivered a mixed bag of outcomes, with negative gaps far outweighing the positives.<\/p>\n

Welcoming an array of Nigerian business elites at the 32nd edition of the Nigeria Economic Summit in Abuja yesterday, the Chairman of NESG, Mr Niyi Yusuf, said that although the reforms had delivered a measure of stability, stabilisation may create conditions for economic progress but does not deliver it.<\/p>\n

Dissecting the major outcomes of the reforms so far, Yusuf stated: \u201cNigeria\u2019s economic performance presents a mixed picture. Key macro indicators are improving, but significant constraints limit the transmission of these gains to businesses and households.<\/p>\n

\u201cReal GDP grew by 4.43% year-on-year in the second quarter of 2026, compared with 3.89% in the first quarter. Headline inflation stood at 14.63% in September, down from 34.8% in 2024. Gross external reserves reached approximately US$55.1 billion in October 2026.<\/p>\n

\u201cThese developments deserve recognition.\u201d<\/p>\n

He added: \u201cHowever, food inflation remained at 19.59% in September. Slower inflation does not mean prices have become affordable; it means they are rising more slowly from levels that already strain household budgets.<\/p>\n

\u201cThe productive economy also faces constraints. Electricity and gas sector output reportedly contracted by approximately 11.6% in the first half of 2026, as generation fell from 5,400 MW in Q4 2025 to 4,454 MW in Q2 2026. Maximum lending rates stood at about 29.2% in August, while private-sector credit declined to 18.1% of GDP.\u201d<\/p>\n

He further noted: \u201cNigeria attracted approximately US$23.2 billion in foreign capital inflows so far in 2026, but portfolio investment dominated, with foreign direct investment accounting for only a small proportion.<\/p>\n

\u201cPublic debt is rising and stood at N166.79 trillion in June 2026, while debt servicing has moderated to about 50% of federal revenue. However, transformation requires patient capital and longer-term investment in productive assets.\u201d<\/p>\n

Giving NESG\u2019s overall position on the performance of the reforms so far, Yusuf stated: \u201cThese reforms have imposed considerable pressure on households and businesses, but they have also created an opportunity to reconsider the foundations of our socio-economic development.<\/p>\n

\u201cOur responsibility now is to ensure that reform translates into stronger enterprises, better jobs, more productive workers, rising incomes, improved living standards and shared prosperity. This is the central purpose of NES #32.<\/p>\n

\u201cNigeria\u2019s recent reforms, including petrol subsidy removal, foreign exchange liberalisation, fiscal restructuring, tax reforms and recapitalisation of the banking sector, represent significant changes to our economic policy framework.<\/p>\n

\u201cThese measures were necessary to address distortions that weakened public finances and constrained the efficient allocation of resources.<\/p>\n

\u201cHowever, stabilisation creates the conditions for progress; it does not automatically deliver it. For instance, a more stable exchange rate does not, by itself, make a manufacturer competitive.<\/p>\n

\u201cFor households, reform must mean decent jobs, greater purchasing power, improved security and reduced poverty.<\/p>\n

\u201cFor businesses, it must mean lower production costs, reliable infrastructure, including power, higher productivity and affordable financing.\u201d<\/p>\n

Yusuf also outlined the focus of the 2026 NESG under the theme, \u201cGrowth that Works: Delivering Jobs, Productivity and Shared Prosperity,\u201d saying it expresses a fundamental proposition: economic growth must create value, expand opportunity and improve lives.<\/p>\n

He stated: \u201cGDP growth alone cannot tell us whether enterprises are becoming more competitive or households are better off. We must judge success by the quality of jobs, the productivity of businesses and how widely prosperity reaches our people.<\/p>\n

\u201cThree interdependent priorities guide this Summit: Productivity, which asks how to reduce production costs, optimise outputs and strengthen competitiveness; Human Capital, which asks how to invest in education, healthcare, nutrition and skills; and Resilience, which asks how to help households and businesses withstand shocks.<\/p>\n

\u201cThese three priorities reinforce one another. Skilled workers are more productive when enterprises have reliable infrastructure and access to technology.<\/p>\n

\u201cCompetitive businesses generate jobs and expand investment when there are predictable regulations, fair competition and an efficient legal system.<\/p>\n

\u201cEffective public services, including security and social protection systems, help households sustain their participation in the economy.<\/p>\n

\u201cOur ambition must therefore extend beyond a larger economy to a more productive one that creates better jobs, secures livelihoods and delivers inclusive prosperity.\u201d<\/p>\n

Giving direction on the way forward for the reforms, Yusuf stated: \u201cThe next phase of reforms must prioritise lower production costs, reliable infrastructure, productive investment and more effective public expenditure.<\/p>\n

\u201cWe must also confront poverty, food insecurity and gaps in access to quality education, healthcare, nutrition and productive work. We must not only talk about the fortunes of our past, but also build wealth for present and future generations.<\/p>\n

\u201cNigeria\u2019s large and youthful population is a substantial opportunity, but it will translate into prosperity only if we equip people with relevant skills and connect them to productive opportunities.<\/p>\n

\u201cWe must look beyond the unemployment headline to informality, job quality and incomes. Having work does not necessarily mean earning an adequate income.<\/p>\n

\u201cWe must strengthen the link between education and employment through technical and vocational training, digital capabilities and industry-relevant skills, and expand opportunities in agriculture and agro-processing, manufacturing, construction, tourism and digital services.<\/p>\n

\u201cThe private sector will be central to Nigeria\u2019s transformation: businesses organise production, employ workers and connect markets. Yet they cannot fulfil this role without an enabling operating environment.<\/p>\n

\u201cOur entrepreneurs are remarkably resilient, but resilience should not excuse an environment that makes productivity unnecessarily expensive.<\/p>\n

\u201cUnreliable electricity, expensive financing, poor transport infrastructure, insecurity and regulatory uncertainty raise costs and increase volatility, especially for micro, small and medium-sized enterprises.<\/p>\n

\u201cThe government must sustain economic stability, provide essential public goods and ensure regulatory predictability. Businesses, in turn, must invest in technology, skills, local supply chains and export competitiveness.\u201d<\/p>\n

\n

The post NESG presents mixed outcomes for Nigeria\u2019s economic reforms<\/a> appeared first on Vanguard News<\/a>.<\/p>\n<\/div>\n

Source: <\/p>\n

Vanguard News<\/div>\n","protected":false},"excerpt":{"rendered":"

\u2022Says stabilisation creates conditions for progress but doesn\u2019t deliver it By Emeka Anaeto, Business Editor Amid ongoing debates among stakeholders over the performance of Nigeria\u2019s three-and-a-half-year-old economic reforms, the Nigerian… <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-1634","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/posts\/1634","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/comments?post=1634"}],"version-history":[{"count":0,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/posts\/1634\/revisions"}],"wp:attachment":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/media?parent=1634"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/categories?post=1634"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/tags?post=1634"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}