NESG projects 5.5% GDP growth for Nigeria

The Nigerian Economic Summit Group (NESG) has set an ambitious target of 5.5% GDP growth for Nigeria, emphasizing the crucial role of stability-focused reforms in achieving this milestone. In a recent interview with CNBC Africa, Olusegun Omisakin, the Chief Economist and Director of Research and Development at the NESG, expressed optimism about Nigeria's economic prospects while highlighting potential challenges that could hinder growth. Omisakin noted that inefficient policy implementation and economic constraints might limit growth to 3.4%, with a risk of further decline to 2.7% if reforms are reversed. The NESG's projection is anchored on the assumption that the government will enhance its efficiency, inclusivity, and result-oriented approach to policymaking, building on the reforms implemented in 2024. Omisakin stressed the importance of achieving stability at both the macro and social levels to support sustainable economic growth. By surpassing the Central Bank of Nigeria's (CBN) growth target of 4.7%, the NESG believes that Nigeria can reach a 5.5% growth rate, leading to increased stability by addressing key issues like weak growth and high inflation. One of the critical factors affecting economic stability is inflation, which has seen a downward trend in 2025, attributed in part to base effects. While acknowledging the role of base effects in moderating inflation, Omisakin emphasized the need for efficient policies and a collaborative approach between the CBN and fiscal authorities to achieve broader macroeconomic objectives. By adopting a mixed policy strategy that prioritizes both inflation control and economic growth, Nigeria can steer towards a more balanced and sustainable growth trajectory. In light of these insights, Omisakin underscored the importance of a holistic approach to economic management, advocating for a coordinated effort between monetary and fiscal authorities to strike a balance between inflation targeting and stimulating growth. By leveraging the potential of the agri-sector and enhancing productivity across key industries, Nigeria can foster a more resilient and inclusive economic landscape. Looking ahead, Omisakin's remarks suggest a shift towards a more inclusive and robust policy framework that prioritizes macroeconomic stability and sustainable growth. By harmonizing inflation targeting with measures that promote output and sectoral productivity, Nigeria aims to navigate towards a path of economic recovery and resilience. As the NESG leads the narrative on Nigeria's economic outlook, the focus remains on fostering a conducive environment for growth while addressing underlying challenges to unlock the nation's full economic potential.