Nigeria has stability, needs 9% growth to cut poverty, experts say
Nigeria has stabilised its economy, but average growth of about 4% is far too slow to cut poverty or create enough jobs, speakers at the 32nd Nigerian Economic Summit (NES #32) in Abuja agreed. Exports, cheaper credit and policy continuity, they said, must carry the next phase.
At a panel on building a new economic accord, Nigerian officials and experts said the country needs growth of 9% or more to reduce poverty. Finance Minister Taiwo Oyedele, Anambra State Governor Chukwuma Soludo, and others emphasized that current growth rates are insufficient. Soludo, a former central bank governor, noted that 4% growth is better than the recent 1.9% to 2.1%, but it falls short of the 7% to 9% needed to cut poverty.
He highlighted that Nigeria should aim for a $1 trillion economy by 2030, which would require annual growth of about 12%. Oyedele warned against complacency and called for a real exchange rate that is undervalued by 25% to 30% for a decade. He also stressed that suppressing prices can distort markets, and that reform should focus on eliminating subsidies and improving credit access for small businesses.
The panel concluded that stability alone is not enough for growth; Nigeria must focus on exports, lower interest rates, and effective public spending to achieve sustainable development.
Written by urgent.news from Africa Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
