Economic growth must improve livelihoods – New NESG chairman

The newly elected chairman of the Nigerian Economic Summit Group, Omoboyede Olusanya, urged a transformation in Nigeria's economic policies from chasing high growth rates to achieving tangible benefits for citizens. Speaking at the 32nd NESG summit in Abuja, Olusanya emphasized that economic growth must directly benefit ordinary Nigerians through better jobs, income, productivity and living standards.

He argued that recent reforms should translate into reduced poverty and expanded opportunities, rather than just macroeconomic indicators. Olusanya highlighted that growth should enable farmers to earn more, manufacturers to cut costs, graduates to find decent jobs, and businesses to obtain affordable financing. He also stressed that children should gain from improved nutrition and healthcare.

Olusanya introduced "Growth that Delivers" as his guiding principle, outlining five commitments to translate economic policies into measurable outcomes. These include boosting accountability, strengthening research and policy intelligence, expanding investment in priority sectors, and enhancing the NESG's institutional independence.

He called for sustained economic reforms, reduced business barriers, and predictable policies with clear targets. The incoming chairman challenged private sector operators to invest in productive activities, enhance workforce skills, and create sustainable jobs. He urged young Nigerians to develop relevant skills, start businesses, and demand accountability from public institutions.

Olusanya pledged to preserve the NESG's independence and non-partisan stance, emphasizing that cooperation between government, businesses, researchers and civil society is crucial for inclusive economic development.