Experts in various sectors of the Nigerian economy have emphasized the urgent need for the country to develop a thriving and continentally competitive economy to ensure its success in the era of the African Continental Free Trade Agreement (AfCFTA). They expressed concern that Nigeria’s lack of competitiveness could hinder its ability to reap the full benefits of the AfCFTA.
During the launch of the Nanyang Technology University-Singapore Business Federation (NTU-SBF) Center for African Studies’ 10-year Economic Roadmap for Nigeria report, the school’s Director, Mr. Amit Jain, emphasized the importance of defining Nigeria’s economic goals and developing effective strategies to achieve them.
Former Chairman of the Economic Advisory Council, Dr. Adedoyin Salami, cautioned against using exchange rate appreciation as a sole measure of economic vitality. He warned that currency appreciation could lead to job losses and undermine Nigeria’s competitiveness in the global market. Instead, he advocated for building a strong and competitive economy that can thrive in both continental and global arenas.
Mr. Jain highlighted the report’s role in providing a roadmap for the new administration to guide Nigeria back on the path of economic growth. He identified human capital development, good governance, and favorable international market conditions as crucial factors for sustaining economic growth in Nigeria.
Mr. Farouk Gumel, Group Executive Director/Vice Chairman of Tropical General Investment (TGI) Group, Africa, emphasized the need for financial sector inclusion to ensure that all Nigerians have access to financial services. He asserted that a more inclusive financial sector would enhance the sector’s overall growth prospects.
The experts’ call for a more robust and competitive Nigerian economy underscores the importance of strategic planning and proactive measures to ensure Nigeria’s success in the AfCFTA era. By addressing its competitiveness challenges and embracing inclusive economic policies, Nigeria can position itself to capitalize on the opportunities presented by the AfCFTA and achieve sustainable economic growth.
