Experts unveils initiatives for Nigeria’s economic recovery

Some economists have said that unlocking Nigeria’s dead capital in residential real estate, agriculture and driving its export diversification agenda would spur the nation’s economic recovery.

They spoke at a webinar organised by the Lagos Chamber of Commerce and Industry (LCCI) and Pricewaterhouse Coopers (PwC) on the theme: “2021 Mid-Year Economic & Business Review and Outlook Webinar”.

Dr Andrew Nevin, Partner and Chief Economist, PwC, noted that Nigeria holds as much as $900 billion worth of dead capital in residential real estate and agricultural land with government’s abandoned property valued at N230 billion.

Nevin added that the country’s housing deficit was pegged at seven million and needed 700,000 units of houses annually to bridge the deficit.

The economist charged government to harness the power of the diaspora via remittances, drive export growth and diversification through services, build innovation hubs, industrial clusters and improve education to improve the lot of Nigerians.

He added that growth at the subnational levels of the nation must be addressed to tackle the disparities.

“In the view of Africa’s 40 per cent projected population growth chart and Lagos projected as the largest city in the world by 2100, Nigeria’s must find its own development path.

“With Gross Fixed Capital formation at only 19 per cent of Gross Domestic Product, Nigeria needs significant Foreign Direct Investment to bridge infrastructure deficit key to diversification.

” The exchange rate, fuel subsidy and power sector need total structural and policy reforms as they are largely distorted. There is also need to move the informal sector to the formal sector,” he said.

Also, Mr Taiwo Oyedele, Fiscal Policy Partner and Africa Tax Leader, PwC, noted that the pandemic had accelerated digital transformation and the need to invest in talent management.


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