How resilient has Nigeria’s economy been since 1999?

Nigeria has embarked on a tumultuous economic journey since the inception of uninterrupted democratic governance in 1999. With a history of economic recessions and a heavy reliance on crude oil, the country's economic trajectory has been marred by challenges and missed opportunities. Tilewa Adebajo, CEO of CFG Advisory, shared insights on the nation's economic landscape during a recent interview with CNBC Africa. Reflecting on Nigeria's 25-year democratic milestone, Adebajo pointed out critical issues that have hindered the country's economic progress. One of the key concerns highlighted was Nigeria's failure to establish mechanisms to mitigate the impact of oil price fluctuations. Despite being an oil-rich nation, Nigeria's oil production has significantly declined over the years, leading to missed opportunities in the oil and gas sector. Adebajo emphasized the importance of strategic investments and proactive measures to capitalize on high oil prices and enhance economic stability. He drew attention to successful models implemented by oil-producing countries like Norway and Saudi Arabia, where sovereign wealth funds have transformed into key drivers of economic growth. Adebajo cited the need for effective fiscal management and prudent utilization of resources to foster sustainable economic development. The discussion also delved into Nigeria's debt profile, indicating a concerning trend of rising external debts without corresponding tangible investments or infrastructure development. Adebajo stressed the importance of accountability and strategic planning to address fundamental structural challenges and stimulate economic growth. Transitioning to the current administration's economic agenda, Adebajo acknowledged the government's efforts to establish specialized committees and enhance policy coordination. However, he underscored the urgency of concrete implementation strategies to drive meaningful reforms and restore investor confidence. Adebajo emphasized the critical role of industry, trade, and investment policies in revitalizing Nigeria's economy and attracting foreign investments. He highlighted the significance of industrial policies and infrastructure investments to support key sectors and encourage entrepreneurship. Drawing parallels to past successes in sectors like cement manufacturing, Adebajo advocated for deliberate industrial policies to stimulate growth and foster a conducive business environment. As Nigeria navigates its economic challenges and seeks to chart a sustainable path forward, Adebajo's insights underscore the imperative of proactive governance, strategic planning, and effective implementation strategies. The road to economic resilience and prosperity necessitates a multi-dimensional approach that addresses systemic issues, fosters innovation, and harnesses the potential of key industries and entrepreneurs.