The Nigeria Economic Summit Group has said that 115 opaque legislations impede the country’s economic growth, calling for urgent reforms to strengthen Nigeria’s economic framework.
The Chief Executive Officer of NESG, Dr Tayo Aduloju, made this statement during a media briefing over the weekend in Abuja, revealing the group’s concerns over the legislative barriers affecting the nation’s economic performance.
“At NESG, I think we have identified about 115 legislations that have been hindering the capacity of the country to grow,” Aduloju said.
He disclosed that NESG’s Earnest Shonekan Centre is actively reviewing and proposing corrective versions of these laws.
“We are addressing these legislative barriers with a focus on creating a clear pathway for economic revitalisation,” he added.
Reflecting on Nigeria’s economic performance in 2024, Aduloju acknowledged that inflation has started to decelerate, though its pace remains insufficient to alleviate the financial strain on Nigerians.
He attributed the ongoing inflationary pressures to deep-rooted structural challenges, such as the removal of fuel subsidies and persistent instability in the foreign exchange market.
“Though inflation is slowing, the structural issues driving it, such as the fuel subsidy removal and foreign exchange dynamics, remain significant,” Aduloju stated.
To achieve meaningful economic growth, he called for a comprehensive redirection of policies, urging the government to focus on investments and spending plans that align with long-term growth objectives.
He stressed the importance of transparency and efficiency in social investments.
Aduloju also highlighted the significance of social programmes, emphasising that increased social investment must be accompanied by visible accountability to earn public trust.
“Social investments have struggled to gain citizens’ trust because they lack broad accountability. Without transparency and transmission efficiency, Nigerians will not believe these investments are impactful,” he explained.
Aduloju also urged the media to take a more active role in scrutinising government spending and debt utilisation.
He also called for a unified approach to redirect economic policies towards sustainable growth.
The PUNCH earlier reported that the NESG faulted the Senate’s decision to suspend action on the tax reform bills, which have generated a lot of controversy across the country.
