February 03, (THEWILL) — The Nigerian Economic Summit Group (NESG) has projected that Nigeria’s economy could expand by 5.5 percent in the medium term, driven by reforms, improved macroeconomic stability, and stronger performance across key non-oil sectors.
According to the policy and private-sector think tank, sustained structural reforms, increased private sector participation, and enhanced productivity are expected to support higher economic output. The group noted that sectors such as agriculture, manufacturing, telecommunications, and financial services, will play a central role in driving growth beyond the oil industry.
NESG also highlighted the importance of stable foreign exchange policies and improved fiscal discipline in boosting investor confidence and attracting both local and foreign investments. With ongoing reforms in subsidy removal, tax administration, and public finance management, the group believes Nigeria is better positioned to unlock growth opportunities and diversify its revenue base.
However, the organisation cautioned that achieving the projected growth rate would depend on the government’s ability to address persistent challenges, including inflationary pressures, infrastructure deficits, insecurity, and unemployment. It stressed the need for consistent policy implementation and stronger collaboration between the public and private sectors.
The NESG added that improving the business environment, expanding access to finance, and investing in human capital would be critical to sustaining long-term economic growth and improving living standards across the country.
Ogochukwu Onwaeze
