The Nigerian Economic Summit Group has urged the federal government to review its economic policies in light of the hardship in the country.
The NESG in its recent release on the situation of the nations economy observed with concern some distortions in the liquidity and interest rate management of the financial system which has resulted in rate distortions causing grave disadvantage to domestic investors and pensioners.
The group stated that it is inimical to this administration’s concern for the elderly, the weak, the infirmed and those who had served this country meritoriously in their prime.
NESG also noted with grave concern the rising level of poverty, unemployment and underemployment in the country which is predominant among the youth and has been exacerbated by the impact of COVID-19 and the slump in commodity prices.
The group urged that while efforts at creating short-term jobs across the country is commendable, a lot more effort must be channeled towards re-skilling, retooling and reviewing school curriculum. A focused approach to vocational studies must also be undertaken, and all the 13.2M children (Pre COVID-19) out of school must be brought into the school system.
The NESG noted the frequent expression by the government to work with the private sector in nation-building efforts, but observed that a lot more work needs to be done on both sides to obtain the best benefits of such collaboration.
It is therefore important that concrete steps must be taken to address the mutual distrust and build institutions that work regardless of persons.
In consonance with a strong commitment to partner with government in ensuring an appropriate, efficient and transparent environment for doing business in the country, the NESG pledged its commitment and the commitment of its other private sector counterparts to work effectively and transparently with the government in combating these challenges, and thereby assure a growing, strong, vibrant, efficient, inclusive, secure and healthy economy.