NESG chairman says Nigeria should judge growth by jobs and incomes, not headline figures
- Omoboyede Olusanya spoke at the close of the 32nd Nigerian Economic Summit in Abuja.
- He said recent reforms have helped stabilise the economy but stability is only a starting point.
- He promised accountability, with each summit commitment given an owner and timeline.
The chairman of the Nigerian Economic Summit Group (NESG), Omoboyede Olusanya, says Nigeria should stop judging its economy mainly by headline growth figures and start measuring it by jobs, incomes and living standards.
He spoke at the closing of the 32nd Nigerian Economic Summit (NES#32) in Abuja, where he introduced "Growth that Delivers" as the guiding principle of his tenure.
His point is a practical one for ordinary Nigerians: an economy can be reported as growing while families still struggle with prices, pay and finding work.
"Growth that delivers is growth whose impact is strongly felt," Olusanya said, according to Vanguard. He described it as farmers earning more from better productivity, manufacturers producing at lower cost, graduates finding decent jobs, businesses getting affordable financing, and children getting the nutrition and healthcare they need.
Stability is not the finish line
Olusanya said recent reforms had helped restore macroeconomic stability, but argued that stability alone does not put money in people's pockets.
"Stability is only the starting point," he said.
He said the task now is to close the gap between a stable economy and faster growth, and between that growth and better lives.
On accountability, he promised that every priority commitment from the summit would have a designated owner, a timeline and measurable success indicators. Progress would be published before NES#33, he said, building on the group's accountability framework.
He also pledged practical, costed policy recommendations tied to the National Development Plan 2026–2030, and said the NESG would work with government, financial institutions and development partners to turn policy ideas into bankable projects.
The focus areas he named include agriculture, manufacturing, infrastructure, technology, entrepreneurship and skills. He added that opportunities should spread across all regions and states, with more attention to micro, small and medium enterprises (MSMEs) and the informal economy, where most Nigerians work.
Olusanya also said the NESG would widen its membership and increase the participation of women and young people.
What happens next
The commitments are pledges, not yet policy. Whether they translate into cheaper power, lower logistics costs and predictable rules depends on government and private-sector follow-through.
Olusanya urged governments at all levels to sustain and improve reforms, cut the cost of power, logistics and doing business, and keep policies predictable.
He asked private-sector leaders to invest, innovate, train workers, pay fairly and create productive jobs, and urged young Nigerians to build enterprises, gain skills and hold institutions accountable. Civil society, he said, should monitor the commitments and amplify the voices of underserved communities.
