Nigeria needs to pay adequate attention to 10 priority areas to accelerate the country’s economic growth.
This was disclosed by Partner and Chief Economist, PwC Nigeria, Andrew Nevin while speaking at Nairametrics’ Economic Roundtable themed, ‘How to get out of this economic crisis,’ on Saturday, August 7, 2021.
Nevin pointed that though the nation is rich, its dead assets is a major bane to its economic growth.
Dead asset refers to unregistered real property and is considered lost value because the landholder is unable to transfer or leverage the property to borrow or access capital.
The areas, according to the economist, are:
- Unlocking Nigeria’s vast dead assets to stimulate growth
- Harnessing the power of the diaspora
- Driving export growth through services
- The need for growth to be spread across the country, and not just in a few urban centres
- Improving on the country’s low investment and gross capital formation
- Moving a thriving informal sector to the formal sector
- Improving on the business environment, and ease of doing business
- Addressing Nigeria’s big three distortions (exchange rate, power, and subsidies)
- Shifting focus from the Gross Domestic Product (GDP) lens to sustainable development goals
- Prioritising climate change
Nevin added that finding the political will to act and unlock Nigeria’s dead real estate assets will have a transformative impact on the lives of Nigerians.