Adesina, Sanusi, Peterside, Oteh on Fiscal Policy: Growth Must Improve Living Standards
• Sanusi says GDP growth alone could conceal deteriorating economic conditions •Atedo Peterside: Reforms working for the rich, warns 140 million poor Nigerians lack adequate safety nets •Oteh says
Prominent Nigerian business and economic leaders gathered at the Oxford Global Think Tank Leadership Conference to discuss the need for inclusive growth and improving living standards in Nigeria. The conference, themed "Leadership for a Prosperous Future," brought together Emir of Kano, Muhammadu Sanusi II; businessman Atedo Peterside; former Director-General of the Securities and Exchange Commission (SEC), Arunma Oteh; former President of African Development Bank (AfDB), Dr. Akinwumi Adesina; and Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani.
Sanusi warned against interpreting macroeconomic indicators, such as GDP growth, as evidence of prosperity for ordinary Nigerians. He emphasized the importance of measuring economic progress based on whether citizens have access to quality education, healthcare, adequate nutrition, decent housing, employment opportunities, and better income levels.
Sanusi cautioned against excessive reliance on volatile short-term investments and called for structural improvements, such as infrastructure development, transparency, accountability, and reliable economic data, to support policy formulation and implementation.
Peterside stressed the need for a more ambitious economic growth target of at least 10 per cent annually, given Nigeria's population size, employment requirements, and existing development deficits. He pointed out inadequate investment, corruption, political patronage, and regulatory harassment as major obstacles to achieving the required growth.
The businessman also criticized the treatment of small and medium-scale enterprises by government regulators and the abuses in public procurement, describing them as "legalized theft."
Oteh highlighted the critical role of domestic capital mobilization in long-term development, emphasizing the need for private sector investment, technological advancement, and human capital development to drive inclusive growth. Adesina underscored the importance of supporting Africa's youth as the key to economic transformation, provided they are supported with the necessary resources and opportunities.
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