Nigeria is currently dealing with several unresolved structural issues, according to Wonuola Adetayo, a board member of the Nigerian Economic Summit Group (NESG).
During a discussion on News Central TV’s Breakfast Central during the Nigerian Economic Summit (NES) in Abuja on Monday, Adetayo said these problems include rising inflation, a worsening food crisis, and increased energy costs following the removal of subsidies.
She pointed out that many critical issues remain unaddressed, including insecurity which has forced people off their farms, leading to food shortages.
“We do not have enough food to eat, transport, or sell,” she said, explaining that this has led to a dependence on food imports, which in turn worsens the country’s economic situation.
Adetayo said the shortage of foreign exchange is another concern. According to her, foreign companies need this currency to import resources for production. However, by the time they acquire the needed funds, the costs often outweigh the benefits. As a result, many industrialists choose to relocate their operations outside Nigeria.
“When this happens, it means we are essentially exporting jobs. The companies continue to sell their products within Nigeria, but they no longer manufacture them here. As a result, our people lose jobs, contributing to the already high unemployment rate in Nigeria.
She stated that the NESG is working closely with government officials to find solutions and ensure that every sector plays its part in overcoming Nigeria’s economic difficulties.
“Addressing these issues requires a coordinated approach. This is why our summit is focused on fostering collaboration with all levels of government, as everyone has a role to play in solving these problems,” she said.
Watch the clip below:
