Nigeria must move beyond its current economic growth rate of about 4.5 per cent and pursue a more ambitious 10 per cent target to tackle poverty, create jobs and improve citizens’ living standards, prominent Nigerian leaders and economic experts have said.
They made the call on Tuesday at the Oxford Global Think Tank Leadership Conference, themed, “Leadership for a Prosperous Future,” where they examined the country’s economic challenges, institutional reforms, investment mobilisation, technological innovation and human capital development.
The Emir of Kano, Muhammadu Sanusi II, cautioned that improvements in macroeconomic indicators should not be mistaken for improved living conditions, insisting that the ultimate measure of economic success must be its impact on ordinary Nigerians.
Sanusi, a former Governor of the Central Bank of Nigeria (CBN), acknowledged that some economic indicators had improved, with the economy recording growth of about 4.5 per cent.
However, he argued that aggregate Gross Domestic Product (GDP) figures did not adequately reflect the economic realities confronting households, particularly as GDP per capita had declined since 2023, partly due to economic growth failing to keep pace with population expansion and the effects of currency depreciation.
He said economic performance should be assessed through improvements in education, healthcare, nutrition, employment, household incomes and poverty reduction rather than relying exclusively on GDP growth, foreign reserves and other macroeconomic indicators.
Sanusi also cautioned against excessive dependence on foreign portfolio investments, which he described as volatile and largely driven by attractive short-term returns and high interest rates.
He maintained that sustainable economic progress required structural reforms beyond subsidy removal and foreign exchange policy adjustments, stressing the need for infrastructure development, transparency, accountability, reliable economic data and policies that expand productive opportunities.
The former CBN governor further warned that perceived regional imbalances in political appointments, particularly in sensitive national security institutions, could undermine national cohesion.
He urged the government to promote fairness and inclusiveness, noting that economic reforms would have limited meaning if Nigerians continued to experience deteriorating living conditions.
Similarly, businessman and former Chairman of Stanbic IBTC Holdings, Atedo Peterside, said Nigeria could not afford to remain satisfied with economic growth of approximately four per cent when a 10 per cent growth rate was necessary to generate sufficient employment, expand businesses and improve living standards.
Peterside identified inadequate investment as one of the major obstacles to economic expansion, arguing that Nigeria needed a substantial increase in investment as a proportion of GDP to achieve its development aspirations.
He blamed political patronage, corruption, regulatory harassment and the absence of a level playing field for discouraging investors and weakening the private sector.
According to him, small and medium-scale enterprises were particularly affected by arbitrary demands and harassment from government regulators, making it difficult for businesses to operate, expand and create jobs.
He also criticised corruption in public procurement, alleging that inflated contract costs had become a major channel for diverting public resources meant for infrastructure and essential services.
Describing the abuse of procurement processes as a form of legalised theft, Peterside said Nigeria must confront corruption and state capture to attract the scale of domestic and foreign investment required to transform its economy.
He further called for fairness in the implementation of economic reforms, warning that ordinary citizens should not bear the entire burden of economic adjustment while politically connected individuals remained insulated from its consequences.
Former President of the African Development Bank (AfDB), Dr Akinwumi Adesina, emphasised the need for African governments to invest more in young people, describing the continent’s growing population as a major economic opportunity.
Adesina noted that Africa was projected to account for about a quarter of the global population by 2050, with young people constituting a substantial proportion.
He, however, warned that population growth alone would not guarantee prosperity without deliberate investments in education, healthcare, nutrition, technical skills and access to finance.
According to him, young Africans must be equipped not only to seek employment but also to establish businesses, develop technologies and provide solutions to the continent’s development challenges.
He called for increased investment in human capital, digital capabilities and artificial intelligence to ensure that Africa becomes a producer and developer of emerging technologies rather than merely a consumer.
Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani, said Nigeria’s future prosperity would depend largely on its ability to convert knowledge and technology into productive economic activities.
Tijani argued that natural resources alone could not guarantee national wealth, explaining that economic prosperity depended on how effectively countries applied knowledge, technology and technical expertise to improve the value of their resources.
He identified artificial intelligence as a major frontier for productivity growth but stressed that Nigeria must first develop the capacity to absorb and deploy emerging technologies to address local economic challenges.
The minister identified connectivity, computing and data infrastructure, technical skills, research, innovation capacity, effective policies and strong institutions as essential foundations for technological advancement.
He disclosed that the Federal Government was pursuing an approximately 90,000-kilometre open-access fibre-optic network, backed by an estimated $2 billion investment, to expand broadband connectivity nationwide.
Tijani also highlighted plans to strengthen shared computing infrastructure and develop a Nigerian large language model capable of supporting indigenous languages, including Yoruba, Hausa and Igbo, as well as Nigerian-accented English.
He said the government’s 3 Million Technical Talent programme was designed to develop a skilled workforce capable of participating in the global digital economy, while the National Artificial Intelligence Strategy would provide a framework for responsible AI adoption and development.
The minister further cited Nigeria’s relatively low agricultural productivity compared with countries such as Brazil and Argentina as evidence of the need to embrace technology.
He said Nigerian maize yields generally ranged between 1.5 and 2.5 tonnes per hectare, compared with approximately 10 tonnes per hectare in the South American countries, attributing the difference partly to precision technologies and improved farming practices.
He urged businesses to take advantage of the digital infrastructure being developed by the government and translate such investments into innovative products, services, employment and economic value.
Also speaking, convener of the conference and former Director-General of the Securities and Exchange Commission, Arunma Oteh, advocated an ecosystem approach to economic development, stressing that sustainable growth required collaboration among government, businesses, investors, financial institutions and citizens.
Oteh emphasised the importance of domestic capital markets in mobilising long-term financing for development, calling for increased retail participation to enable more Nigerians to invest in productive enterprises and benefit from economic growth.
She also highlighted the potential of pension funds to support long-term investments and broaden wealth creation, provided appropriate safeguards and investment frameworks were established.
Oteh noted that about 70 per cent of Africa’s population was below the age of 30, making investments in education, skills acquisition and employment particularly urgent.
She also advocated decentralisation of development initiatives, arguing that empowering communities and subnational authorities could improve service delivery and make essential infrastructure more responsive to local needs.
Using electricity supply in Aba, Abia State, as an example, she highlighted the opportunities offered by decentralised approaches to infrastructure management and service delivery.
She further identified reliable infrastructure, access to finance, regulatory certainty and a skilled workforce as essential conditions for creating a favourable business environment.
Oteh also cited reported international interest in the proposed public offering of the Dangote Refinery as evidence of the potential of Nigeria’s capital market to attract investment from beyond the country’s borders.
The speakers collectively stressed that Nigeria’s economic challenge extended beyond achieving higher GDP growth figures to building an inclusive and productive economy capable of generating employment, improving household incomes and reducing poverty.
They maintained that achieving sustainable prosperity would require consistent policy implementation, stronger institutions, increased private-sector investment, technological innovation and deliberate investment in the country’s human capital.
