The fragile economic state Nigeria is in has been highlighted by the Nigerian Economic Summit Group (NESG), noting that the economy is in need of sustainable economic growth.
NESG disclosed this in its first quarter 2021 Economic Report shared on Sunday.
The group, in its report, noted that the country’s double fall into recession in 2016 and in 2020 – occasioned by the COVID-19 pandemic – underscores the country’s need for sustainability to achieve resilience.
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It said, “Nigeria has struggled to achieve inclusive growth for many decades. Since recovery from the 2016 recession, the economy has been on a fragile growth path until it slipped into another recession in 2020, due to the COVID-19 pandemic.
“This suggests that the country needs to attain higher and sustainable economic growth, to become strong and resilient.
“The relationship between economic growth and unemployment rate in Nigeria also suggests that economic growth has not led to a reduction in unemployment rate.
“To reverse this recurring trend, there is an urgent need for collaboration between the government and relevant stakeholders toward addressing the constraints to value chain development in high growth and employment-elastic sectors.”
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