An Abuja-based policy think-tank, Agora Policy, has called on the Federal Government to make bold reforms that will address the economic hardship suffered by citizens.
The think-tank made the call on Monday in a report titled, ‘Options for Revamping Nigeria’s Economy’
According to Agora, the Nigerian government should proffer solutions to stop the rapid decline of the economy and its negative impact on the citizens.
Advertisement
The think-tank advocated the need for necessary efficient economic drivers to drive the over 90 million people living in poverty.
Cost of living in Nigeria has risen with inflation reaching 20.52 per cent in August, while standard of living has fallen.
At N30,000 minimum wage, Nigerians spend more to buy goods and pay for their services as experts believe that inflation has eroded consumer income.
According to the report, despite Nigeria’s positive GDP growth in six successive quarters and having the biggest GDP in Africa, the economy remains in crisis.
The report reads, “Nigeria’s economy is in a desperate need of quick and bold actions to get out of the rut of low and fragile growth, lean and narrow revenue and export base, soaring debts and deficits, limited trade and investment, suboptimal government spending, and growing inflation, unemployment and poverty.
“Many of the macro-economic fundamentals have worsened and the level of inclusive development is low.
“Nigeria needs to undertake swift, bold and far-reaching reforms to halt the precipitous decline and the attendant negative impacts on citizens’ welfare. These reforms must be undergirded by inclusion, transparency and accountability.”
The Founder/Executive Director of Agora Policy, Waziri Adio, commenting on the report said that the decision to focus on the economy was driven by the need to expand policy and options for the present and next administrations.
Adio said, “Everything revolves around the economy and there is no better time than the electioneering period to do a health check on the economy and come up with ideas and prescriptions for better economic outcomes.
“We commissioned this report to elevate the discussions during this important campaign season and to facilitate the search for solutions in an area that is central to national growth and human development.”