Economist advises FG on pragmatic approach to boost economic growth

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By Lydia Ngwakwe

Lagos, Jan. 29, 2024 (NAN) Prof. Ndubisi Nwokoma, a financial economist, has advised the Federal Government to adopt a realistic and pragmatic approach to economic growth rather than solely relying on growth projections.

Nwokoma, a Director, Centre for Economic Policy Analysis and Research (CEPAR), University of Lagos, Akoka, gave the advice in an interview with the News Agency of Nigeria (NAN), on Monday in Lagos.

He was reacting to the federal government ‘s projected economic growth of 3.76 per cent for 2024.

Nwokoma suggested that it was crucial for the government to address the fundamental challenges that hinder economic growth, rather than setting targets that may not align with the current economic realities

By prioritising the resolution of underlying issues that impede economic growth, he noted that the government could lay a more solid foundation for sustainable and inclusive economic development.

Nwokoma, therefore, highlighted the importance of a comprehensive and practical strategy for achieving economic growth and development.

“By tackling insecurity, stabilising the exchange rate, encouraging foreign investment, managing public debt effectively, and improving supply chain resilience, the government can create a more conducive environment for sustainable economic growth.

“So, for 2024, the dislocations to production are still present with us,” he said.

The expert pointed out that past GDP growth projections in Nigeria had consistently fallen short of their targets.

He noted that actual growth figures in the past eight years had typically ranged between 2.2 per cent and 2.8 per cent, significantly lower than the projections.

“Virtually, all GDP growth projections in the past years are not attained. This is worse in the past eight years. Actual growth figures hover around 2.2 per cent to about 2.8 per cent over this period,” he said.

According to him, this history of missed targets casts doubt on the reliability of the current 3.76 per cent projection.(NAN)

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