Group Chief Economist at Afreximbank, Dr. Yemi Kale, has emphasised the necessity for Nigeria to attain a 40% annual progress fee to achieve the nation’s formidable one trillion-dollar {economic} progress imaginative and prescient.
His name got here amid present {economic} realities with issues arising from the US’ latest imposition of a 14% tariff on Nigerian exports.
Talking on the 2025 Vanguard {Economic} Discourse in Lagos on Wednesday, Kale referred to as for sustainable reforms to protect Nigerian exports from the fallout of U.S. commerce insurance policies.
“To achieve a $1 trillion financial system by the top of this administration’s time period, Nigeria would require annual progress charges in extra of 40%—a tempo that’s nearly unprecedented and, below present circumstances, merely unachievable,” he stated.
Clear roadmap outlined
He outlined a transparent roadmap for Nigeria to navigate the challenges posed by international commerce shifts, urging the federal government to leverage the nation’s strengths, together with its youthful inhabitants and plentiful pure sources, to reposition itself as a key participant in African and international commerce.
“The trail to {economic} resilience, inclusive prosperity, and decreasing {economic} hardship is neither fast nor simple, however it’s clear. We all know what should be completed. The foundational pillars aren’t in query,” Kale said. He emphasised the significance of stabilizing the macro-economy, restoring credibility in fiscal and financial coverage, curbing inflation, and rebuilding investor confidence.
Kale additionally highlighted the necessity to diversify Nigeria’s productive base by unlocking the potential of agriculture, manufacturing, companies, and the digital financial system. “Put money into individuals and establishments as a result of sustainable progress solely occurs when human capital is empowered and governance methods are efficient,” he added.
Regardless of the challenges posed by the U.S. tariff hike, Kale expressed optimism about Nigeria’s skill to harness its alternatives. He pressured the significance of considerate insurance policies that steadiness dangers and potential, guaranteeing the nation stays resilient within the face of world {economic} shifts.
Nigeria faces challenges of a shifting world order
Talking on the occasion, President of the Nigerian Affiliation of Chambers of Commerce Industries, Mines and Agriculture (NACCIMA), Dele Oye, emphasised the pressing want for Nigeria to prioritize {economic} sovereignty and undertake a resilient, homegrown democracy.
Oye highlighted the influence of the U.S. administration’s isolationist insurance policies and commerce wars on international alliances, stating, “The present U.S. administration’s deal with isolationism and commerce wars has led to a reevaluation of America’s long-standing alliances, leaving many countries, together with Nigeria, to grapple with the complexities of a shifting world order.”
He pressured the significance of Nigeria growing a political construction able to withstanding exterior pressures, including, “For Nigeria, these developments underscore the need of prioritizing {economic} sovereignty and a shift to a homegrown democracy that’s each viable and reasonably priced.”
Regardless of the challenges, Oye expressed optimism about Nigeria’s future, citing developments in expertise, rising commerce partnerships, and the entrepreneurial spirit of its youth.
“The steadiness between these challenges and alternatives will form Nigeria’s future, highlighting the necessity for considerate insurance policies that harness our potential whereas addressing the dangers forward.”
Requires Innovation and Collaboration
Editor of Vanguard Newspapers, Eze Anaba, echoed Oye’s sentiments, urging daring and pragmatic options to handle Nigeria’s {economic} challenges.
“You’ll all agree that, now greater than ever, Nigeria’s financial system calls for modern pondering and pragmatic options,” Anaba stated.
He described the occasion, themed “Nigeria’s {Economic} Outlook 2025: Hardship and Pathways to Sustainable Restoration,” as a part of Vanguard’s dedication to fostering impactful coverage discussions.
Dr. Femi Egbesola, President of the Affiliation of Small Enterprise House owners of Nigeria (ASBON), criticized the federal authorities for inadequate engagement with non-public sector stakeholders, significantly small and medium enterprises (SMEs).
He revealed that 85.5% of Nigeria’s SME sector consists of nano enterprises—small companies typically neglected in policymaking.
“Authorities should deal with this vital sector to drive actual progress,” Egbesola said.
He lamented the restricted success of intervention packages, noting, “What number of small companies have turn into the subsequent Dangote in 10 years? Nearly none.”
Egbesola referred to as for structured collaboration in coverage design, implementation, and analysis, insisting, “We don’t want pity; we want partnership. Insurance policies shouldn’t be imposed however developed collectively.”
What you must know
- The Vanguard 2025 {Economic} Discourse introduced collectively policymakers, economists, enterprise leaders, and trade stakeholders to debate Nigeria’s {economic} outlook and pathways to sustainable restoration.
- The discussions underscored the necessity for strategic responses to the challenges posed by international {economic} shifts and home reforms.
- The Vanguard {Economic} Discourse, which was first held in 2017, has served as Vanguard Newspaper’s contribution to nationwide dialogue.
