The Nigerian Economic Summit Group has conveyed to the current federal government led by President Bola Ahmed Tinubu that achieving the $1 trillion Gross Domestic Product growth target by 2030 is unattainable with an economy reliant on generators.
Niyi Yusuf, the chairman of NESG, revealed this during a pre-Ramadan lecture organized by the University of Lagos Muslim Alumni (UMA) on Sunday. He emphasized that 46% of Nigeria’s population lacks access to electricity, asserting that resolving the electricity supply issue is crucial for sustained growth.
To realize a $1 trillion economy, Yusuf highlighted the need to attract foreign direct investments (FDI), manage inflation, and address foreign exchange volatility.
Additionally, he emphasized the importance of curbing fiscal leakages in key government agencies, including the Central Bank of Nigeria, the Nigerian Petroleum Company Limited, and the Federal Inland Revenue Service.
“We must stabilise our economy, tame forex volatility and inflation rate. The government must block all fiscal leakages in the CBN, NNPC, and FIRS, and we must increase our tax-to-GDP ratio.
“Also, we must support local businesses and invest in digital infrastructure.
“We must track budget allocation. Our capital expenditure must be more than the recurrent and debt servicing; otherwise, we are not progressing.
“Again, growth will not happen until we solve the electricity supply issue. Presently, only 46 per cent of the population has access to power. We can’t run on a generator economy”, he said.
