Experts Sound Alarm on Nigeria’s Economic Future

Mary Nnah

A gathering of top economists and government officials at the Foursquare Gospel Church’s 12th Annual Public Lecture has sounded a stark warning about Nigeria’s economic future. With poverty levels soaring and economic growth stagnating, experts are urging the government and stakeholders to take immediate action to address the country’s financial challenges.

Ogun State Governor, Prince Dr. Dapo Abiodun, who was the special guest at the event held in Lagos, emphasised the importance of collaborative efforts in addressing poverty and promoting economic stability in Nigeria.

“We need to work together with faith-based organisations, private sector players, and community leaders to provide education, vocational training, mentorship, and access to micro-finance,” he said.

Economist and former Presidential Economic Adviser, Dr. Doyin Salami, emphasised the need to tackle poverty and promote economic stability. “Poverty is not just lack of income, but lack of capability to live with dignity,” he stressed.

Salami argued that Nigeria must adopt “hard reforms” and not cosmetic fixes, highlighting the need for reliable data, security, electricity, quality education, and human capital development. He also suggested a 7-year tenure for elected officials, saying the current structure does not allow leaders to fully concentrate on governance and long-term reforms. 

General Overseer of the Foursquare Gospel Church in Nigeria, Rev. Sam Aboyeji, stressed the importance of collaborative governance and people-focused leadership in achieving economic development and poverty alleviation.

“Let today’s lecture not just end as another intellectual exercise, but may it inspire action and steps that will help steer Nigeria toward inclusive growth, economic stability, and shared prosperity,” he said.