Nigeria must sustain annual economic growth of at least six per cent, expand reliable electricity supply to 8,000 megawatts and attract higher levels of foreign direct investment to achieve its ambition of becoming a $1 trillion economy, First Deputy President of the Abuja Chamber of Commerce and Industry (ACCI), Professor Adesoji Adesugba, has said.
Adesugba stated this while delivering the keynote address at the 20th anniversary lecture of the Commerce and Industry Correspondents Association of Nigeria (CICAN) in Abuja on Tuesday.
Speaking on the theme, “Actualising the Federal Government’s $1 Trillion Economy: The Roles of Policymakers, Stakeholders and the Media,” he said achieving the target would depend more on consistent policy implementation, increased productivity and sustained investment in productive sectors than on policy pronouncements.
According to him, the Federal Government’s $1 trillion economy target should be viewed as a national mobilisation objective requiring coordinated efforts among government, the private sector and the media.
He identified stronger economic growth, improved power supply and increased foreign direct investment as critical conditions for achieving the goal, stressing that these would help drive industrialisation and economic expansion.
Adesugba, however, cautioned that although ongoing macroeconomic stabilisation measures were important, they had yet to deliver the scale of industrial transformation needed to support the country’s long-term economic ambitions.
He urged policymakers and stakeholders to focus on effective implementation of reforms and measures that would boost productivity, attract investment and strengthen key sectors of the economy.
The CICAN anniversary lecture brought together policymakers, business leaders, journalists and other stakeholders to discuss strategies for realising the Federal Government’s economic target.
