The Nigeria Economic Summit Group, NESG, has called on the Federal Government to anchor its economic growth objectives on productivity and not inflation.
Making this call in a report on the outcome of the Gross Domestic Product (GDP) rebasing exercise recently concluded by the National Bureau of Statistics (NBS), NESG said: “The rebasing of Nigeria’s GDP is more than a recalibration of economic statistics; it is a diagnostic scan revealing deep structural imbalances and fiscal vulnerabilities.
“While the upward revision in nominal GDP expands the statistical size of the economy, the real economy – where jobs, productivity, and welfare are determined – remains constrained. Closing this gap requires a coordinated, multi-pronged policy response that addresses both immediate recovery and long-term transformation.”
Stressing the need to anchor economic growth on productivity, NESG said: “With real GDP having grown only 4.4 percent since 2019, the priority is to stimulate value-added growth in sectors with high employment multipliers.
“This means targeted industrial policy, sector-specific competitiveness programmes, and technology adoption in agriculture and manufacturing.”
