The Economic Advisory Council of the Nigeria Economic Summit Group (NESG) has urged the Federal Government to place urgent emphasis on productivity, structural reforms and efficient public spending to accelerate economic growth.
The Co-Chair of the Council, Prof. Osita Ogbu, made the call during an interactive session with the media in Abuja on Monday.
Ogbuu said that the economic growth would lift millions of Nigerians out of poverty.
He commended the recent improvements in the macroeconomic environment, the stability in the exchange rate, declining inflation and GDP growth averaging about four per cent.
“These are positive signs and we congratulate the government, but things should not be taken for granted.
“With a population growth rate of about three per cent, a four per cent growth rate gives very little headroom to lift Nigerians out of poverty.
“We need sustained growth of eight per cent to 10 per cent,” he said
Ogbu said that the current inflow of foreign portfolio investment, without corresponding Foreign Direct Investment (FDI), was insufficient for long-term economic resilience.
He said that the council had placed significant emphasis on the agricultural sector, adding that low productivity remains a major barrier to reducing poverty in the country.
“You do not fight poverty by sharing money.
“You fight poverty by raising productivity. When productivity rises, income rises, that is how you lift people out of poverty,” Ogbu said.
He decried the collapse of agricultural extension services and weak linkages between universities, researchers and farmers.
According to him, the country had abandoned proven systems used globally to boost farm output.
“We used to have extension officers who transferred knowledge from researchers to farmers.
“Today, hardly anyone is studying agricultural extension because they see no jobs, yet this is the backbone of agricultural transformation,” Ogbu said.
He said that the council was developing policy briefs that would highlight international best practices, citing Brazil, Israel and South Africa.
Ogbu also urged federal and state governments to revitalise extension services, fund agricultural research and tailor fertiliser use to soil conditions across regions.
He expressed concern over the structure and effectiveness of the country’s budgeting system, warning that inefficiencies continue to limit the impact of government spending.
“It is not enough to have money. What matters is what the money buys.
“Despite the removal of fuel subsidy, debt levels continue to rise.
“We are not a rich country, we must prioritise sectors that have the greatest impact on citizens. Every reform must keep citizens at the centre,” he said.
He said that the council also reviewed country’s Special Economic Zones (SEZs) and compared their performance with similar zones in China and other emerging economies.
“In other countries, SEZs catalysed industrialisation. In Nigeria, they have not delivered the same results,” he said.
The co-chair said that the council was investigating why companies are leaving the country; whether the challenges relate to infrastructure, governance or the investment climate.
According to him, universities of agriculture must be repositioned as hubs for innovation and problem-solving, not just academic institutions.
“We create institutions but do not use them. Government should take its problems to universities, fund research and demand solutions,” he said.
Ogbu said that the council was preparing a set of comprehensive policy briefs that would outline actionable recommendations on agriculture, productivity, industrialisation and public financial management.
“We do not have a voice of our own. We advise NESG, through NESG to the government. By our next meeting, we will share concrete findings,” he said.
The News Agency of Nigeria (NAN) reports that other members of the new council are Dr Mohammed Sagagi is co- chairman, while Prof. Jonathan Aremu and Prof. Ummu Jalingo are members of the council.
