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Group highlights policy options to grow Nigeria economy

The Centre for the Promotion of Private Enterprise, CPPE, has highlighted policy options on how Nigeria can grow its economy.

A statement by Muda Yusuf, founder and Chief Executive Officer of the organisation, suggested how the nation could rejig its policies in oil output, electricity reform, textile reform, fiscal incentives, decentralisation of the electricity grid, among others.

The National Bureau of Statistics on Friday said Nigeria’s Gross Domestic Product grew by 3.54 per cent in the second quarter of 2022 on a year-on-year basis.

Details of the Nigerian Gross Domestic Product Report Q2, 2022 showed that in nominal terms, aggregate GDP stood at N45 trillion in the second quarter of 2022.

The NBS said the performance is higher when compared to the second quarter of 2021 which recorded N39.12 trillion, indicating a year-on-year nominal growth rate of 15.03 per cent.

Mr Yusuf in his statement said that the GDP growth in the second quarter of 2022 marked the seventh consecutive quarterly GDP growth since the exit from recession in the fourth quarter of 2020.

“This report reflects the resilience of the Nigerian economy amid extreme macroeconomic challenges, galloping inflation, currency depreciation, foreign exchange illiquidity, high energy cost, heightened insecurity, weakening purchasing power, structural bottlenecks and trade facilitation issues,” the statement said.

Policies

As part of the policies put forward by the centre, Mr Yusuf said the…

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