The outgoing Chief Executive Officer of the Nigerian Economic Summit Group, Mr Laoye Jaiyeola, has said various projections show a pessimistic economic outlook for Nigeria from 2023 to 2025.

He noted this at the inauguration of the Joint Planning Committee for the 29th Nigerian Economic Summit in Abuja.

Jaiyeola noted that there were expectations of moderate economic growth, which was not sufficient to handle the issues of unemployment, poverty, and other socioeconomic challenges in the country.

He said, “Unfortunately, various projections indicate a pessimistic economic outlook for Nigeria from 2023 to 2025, with expectations of only moderate economic growth.

“Regrettably, this level of growth is insufficient to effectively tackle issues such as unemployment, poverty, and other socioeconomic challenges the country faces.”

He stressed the need to confront the harsh realities in the country, such as “weak economic growth, high poverty rates, a rising cost of living, increasing unemployment, and widening income gaps.”

However, he noted that Nigeria’s economy exhibited resilience, adding that Nigeria has vast opportunities, given its abundant natural resources and population.

He also said that the NESG commend the administration of President Bola Ahmed Tinubu for promptly taking decisive actions.

However, he stressed the need to diligently address the potential impact of these policies on the citizens by implementing palliative initiatives and measures to alleviate any adverse effects.

He added that the Joint Planning Committee of the 29th National Economic Summit was tasked with charting a new course for our nation’s economic prosperity.

On the forthcoming 29th Nigerian Economic Summit slated for October in Abuja, Jaiyeola explained that the Summit would “follow up by demanding a transparent and well-thought-through economic agenda with specified implementation steps in purposeful response to the questions and recommendations thrown up at NES #28.”

The Permanent Secretary of the Budget and National Planning, Nebeolisa Anako, formally inaugurated the Joint Planning Committee for the 29th Nigerian Economic Summit.

While inaugurating the NES #29 Joint Planning Committee, Anako said efforts had been concluded to forward the 2022 summit recommendations and outcomes to the Federal Executive Council in the form of a council note for their information and guidance.

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