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#NES26: What Nigeria Must Do to Get Out of Recession – Asue Ighodalo

By David Oladele

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#NES26
Panel session at #NES26

The chairperson of the Nigerian Economy Group Summit (NESG), Asue Ighodalo, said 1983, Nigeria’s per capita income was double that of China but regretted that in 2020, China’s per capita income is five times that of Nigeria.

Ighodalo explained that China has displayed audacity in its vision to improve the economic growth of the country.

He disclosed this at the NESG 26th (#NES26) summit in Abuja with the theme ‘Building Partnership for Resilience’ on Monday, November 23.

According to him, “China has shown us what a serious nation can do when it looks back on its history and resolves never to fail its citizens. It is essential to note that this comparison with China is not misplaced.

“The Chinese economy is on track to grow by one percent with almost twice as many cases and as many deaths. The Chinese economy has not contracted since 1976 through trade wars and now a pandemic.

“In 1983, Nigeria’s per capita income was double that of China; in 2020, China’s per capita income is five times that of Nigeria.

“Our reflections would be incomplete if we did not also examine many more policy recommendations that have not been acted upon over the years and acknowledge those that have been actioned.”

Commenting on the event, he disclosed that the summit was about building partnerships, which means individuals all can no longer work successfully alone.

He said: “This summit must be different. It must emphasise the execution of endless dialogues.

“We come to the table each year with clear and defined obstacles in search of solutions. The NESG and private sector must do more to address policy.

ALSO READ  Nigerian economy slips into recession; second time in four years

“As far as we may have come, we have not come far enough. Let this 26th summit be the one where we collectively resolve to shun off greed, nepotism, corruption.

“It is time that we are brave in facing our realities with strength, purpose, and integrity.

Speaking about what Nigeria must do to get out of her current economic state, he said the country should emulate China in its effort to improve its economy and exit the current recession.

According to him, “I advise we engage with the example of China. It is time for Nigeria to put audacity in our vision.”

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