Bunady
The sectors that serve as the economic backbone that can lead to a massive turnaround in the Nigerian economy have been adjudged stagnant....READ ORIGINAL & FULL CONTENT FROM SOURCE | READ ORIGINAL & FULL CONTENT FROM SOURCE...
Professor of Economics and Data Analytics at the Lagos Business School, Pan-Atlantic University, Bongo Adi, who made the assertion lamented that the sectors are either stagnant or going down.
In a keynote address titled: “Nigeria’s Economy: 2024 Review and Outlook for MSMEs in 2025”, at the FATE Foundation’s 10th Business Outlook and Annual General Meeting, Adi said that the economy has managed to maintain some sort of resilience to growth.
Adi who said that the nominal sectors of the economy seem to be dragging the real sector, lamented that it was not a very good thing.
He said: “The economy has managed to maintain some resilience to growth, but the nominal sectors of the economy seems to be dragging the real sector and it is not a very good thing.
“The resilience of the economy of output in 2024 was driven by three key sectors: banks; oil and gas and the telcos, but these three sectors have no employment capability, how many jobs do they generate and what is their contribution to job growth to the economy, it is very small.
“What this means is that the sectors that can lead to a massive turnaround of this economy are not growing; they are either stagnating or going down. And you have a total of 68 percent of the economy not growing; leaving us with just 32 percent of the economy. So, for the economy to really turn around, it is important that we have at least 50 percent of the economy, recording significant positive growth”.
Meanwhile, he pointed out that the Nigerian economy would thrive on export-oriented industrialization, adding that global value chain orientation among Nigerian entrepreneurs is crucial to growing the country’s economy.
He advised the economy to grow its GDP by piloting the amount of products and services it contributes to the products citizens consume.
According to him, “Nigerians consume products from other countries such as Korea, Japan and China, among others, such as cell phones, electronics, air-conditioners, among others.
“Looking at the amount we spend on importing these products, we should strive to produce some parts of these products we consume,” he added.
