The Nigerian Economic Society (NES) has issued a stark warning about the nation’s socio-economic challenges, urging the federal government to take immediate action.
In a communique released following its 65th Annual Conference, the NES highlighted the pressing issues facing Nigeria, including low personal incomes, dysfunctional education and healthcare systems, unemployment, rising inflation, poverty, and other critical factors contributing to insecurity, food scarcity, energy poverty, widening social inequality, and macroeconomic instability.
The NES recommended several measures to address these challenges, such as establishing a presidential economic council backed by law, curbing resource leakage in public organizations, instituting a robust economic governance structure, adopting macroeconomic models, and prioritizing agro-allied industries.
The NES observed that despite various policy efforts, Nigeria’s socio-economic indicators remain concerning, with persistent issues such as low productivity, high poverty rates, and limited economic recovery.
The lack of synergy between fiscal and monetary authorities and the dominance of the U.S. dollar in Nigeria’s economy have weakened the effectiveness of ongoing economic reforms and exposed the country to external shocks.
Foreign Direct Investment (FDI) and Official Development Assistance (ODA) have not provided stable sources of development financing.
The NES emphasized the need for structural transformation to ensure optimal resource utilization, diversify production, and improve the well-being of citizens. The organization also called for efforts to reduce insecurity, which hinders food production and stabilizes prices across the country.
The NES’s communique serves as a timely reminder of the urgent need for the Nigerian government to address the nation’s socio-economic challenges and implement effective policies to improve the lives of its citizens.
