{"id":4093,"date":"2025-10-06T05:46:52","date_gmt":"2025-10-06T05:46:52","guid":{"rendered":"https:\/\/eandelmagazine.com\/eandelmagazine\/?p=4093"},"modified":"2025-10-06T05:46:52","modified_gmt":"2025-10-06T05:46:52","slug":"nigerias-growth-must-go-beyond-gdp-to-create-jobs-and-human-competitiveness","status":"publish","type":"post","link":"https:\/\/eandelmagazine.com\/eandelmagazine\/nigerias-growth-must-go-beyond-gdp-to-create-jobs-and-human-competitiveness\/","title":{"rendered":"Nigeria\u2019s Growth Must Go Beyond GDP to Create Jobs and Human Competitiveness"},"content":{"rendered":"

As the cost of living squeezes families across Nigeria, with rising food prices, unemployment and the naira\u2019s continued depreciation, experts are increasingly asking: what does GROWTH really mean for the average Nigerian household?<\/strong><\/em><\/p>\n

Dr. Tayo Aduloju, Chief Executive Officer of the Nigerian Economic Summit Group (NESG), clarifies that Nigeria\u2019s pursuit of economic expansion must shift focus from numbers to people. In an interview with Arise News<\/em> ahead of the 31st Nigerian Economic Summit, themed \u201cA Reform Imperative: Building a Prosperous and Inclusive Nigeria by 2030,\u201d<\/em> Aduloju argued that gross domestic product (GDP) growth alone cannot guarantee national prosperity or family well-being.<\/p>\n

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\u201cWhen people talk about a growing economy, they usually refer to GDP size or growth rates,\u201d Aduloju said. \u201cBut true growth has depth. It\u2019s about diversification, technology and inclusion. It must touch lives, not just balance sheets.\u201d<\/p>\n

Nigeria\u2019s GDP has grown intermittently over the past decade, driven largely by oil and services. Yet, unemployment remains high, with the informal sector still accounting for a large share of jobs. For many families, economic \u201cgrowth\u201d has not translated into improved living standards.<\/p>\n

Aduloju believes the conversation must evolve. He outlines five pillars that the 2025 summit will focus on: industrialisation, investment, institutional strengthening, inclusion, and trade competitiveness. Each, he said, is essential to shifting Nigeria from a commodity-dependent economy to one that empowers citizens through productivity and innovation. Nigeria\u2019s vast arable land and mineral resources remain underutilised. Aduloju painted a stark picture of waste and missed opportunities:<\/p>\n

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\u201cWe can\u2019t keep wasting tomato harvests in Katsina, exporting crude oil and importing refined products, or losing 70% of vegetables post-harvest while under-cultivating 60% of our arable land,\u201d he said. \u201cIndustrialisation means transforming what we have into competitive advantage, producing complex but value-added goods.\u201d<\/p>\n

This push for industrialisation, he argued, is not merely an economic necessity but a social one. Families in rural communities, where post-harvest losses are common, bear the brunt of inefficiencies. A stronger agro-industrial base could stabilize incomes, reduce migration pressure on cities, and create sustainable jobs for young people.<\/p>\n

Beyond factories and farms, Aduloju said the real test of reform will be attracting and retaining investment. Nigeria, he estimates, needs $10\u201315 billion annually for the next five years to reach the government\u2019s target of a $1 trillion economy.<\/p>\n

\u201cBig money goes where it\u2019s treated well,\u201d he said, emphasizing that investor confidence depends on regulatory stability, contract enforcement, and transparent governance. \u201cIf you mistreat domestic investors, foreigners will stay away. Economic transformation begins when national assets yield productivity, not when they sit idle.\u201d<\/p>\n

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His comments come amid Nigeria\u2019s ongoing struggles to attract foreign direct investment, which fell sharply in recent years due to policy inconsistency and infrastructure bottlenecks.<\/p>\n

A major theme of Aduloju\u2019s message is inclusion. Ensuring that growth creates jobs, reduces poverty, and narrows inequality. \u201cYou don\u2019t achieve inclusion by simply carrying people along,\u201d he said. \u201cYou achieve it when growth creates opportunities that lift families out of poverty.\u201d<\/p>\n

In many Nigerian homes, economic pressure has become intergenerational. Parents watch their children graduate into unemployment. Women-led businesses, which form the backbone of the informal economy, often operate without access to credit or reliable power.<\/p>\n

\u201cWe once had double-digit GDP growth driven by oil, but it was jobless growth,\u201d Aduloju said. \u201cWe were growing but exporting jobs because local capacity wasn\u2019t being built.\u201d That, he said, must change. A reform-driven Nigeria should channel growth into industries that employ its people; from manufacturing to digital services, while strengthening social safety nets.<\/p>\n

In preparing for the summit, the NESG plans to engage with nations like Mexico and Indonesia. These are countries that have successfully transitioned from resource dependence to diversified, export-led economies.<\/p>\n

\u201cCountries don\u2019t compete globally; businesses do,\u201d Aduloju noted. \u201cYour Dangotes, your Innosons, etc., they are the ones competing out there. If you kill them at home, you lose globally.\u201d<\/p>\n

He cited the telecommunications revolution as a model for transformative policy. In just two decades, Nigeria moved from less than 1% tele-density to near-universal mobile access proof. This he said, that reform and regulatory clarity can unlock new industries.<\/p>\n

\"\"<\/p>\n

Ultimately, Aduloju\u2019s message returns to the human dimension: growth that fails to create jobs is unsustainable. \u201cJobless growth means you\u2019re exporting jobs,\u201d he warned. \u201cReal reform must ensure that every phase of Nigeria\u2019s growth creates value and opportunities for its people.\u201d<\/p>\n

As Nigeria prepares for the 31st Economic Summit, the stakes are high. For policymakers, the challenge is to design reforms that translate into food on the table, stable power for small businesses, and dignified work for millions of young Nigerians. For families, it\u2019s about seeing the numbers on paper finally reflected in better living conditions.<\/p>\n

Because in the end, as Aduloju reminds us, the true measure of economic success is not how fast the economy grows, but how well its people live.<\/p>\n

 <\/p>\n

Source: AriseNews<\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"

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