Nigeria's battle against recession

Nigeria's economy is facing one of the worst economic downturns in decades, with the government implementing policies aimed at building stronger institutions, reducing corruption, and eliminating wastage to steer the economy towards recovery. Policy Analyst and CEO of RTC Advisory, Opeyemi Agbaje, shared insights on the current policy landscape in Nigeria. Agbaje highlighted the importance of embracing private capital as a key strategy to navigate the recession and foster economic growth. Agbaje emphasized the need for a clear policy framework that encourages private sector investment. He expressed concerns that the government's current focus on borrowing, rather than attracting private capital, is hindering economic progress. Agbaje noted that policy decisions, such as the failure to deregulate the downstream petroleum sector and foreign exchange market interventions, have deterred private investors. The interview underscored the significance of building strong institutions and implementing effective policies to address the recession. Agbaje criticized the lack of clarity and action in key sectors like agriculture, where investors seek certainty and improved business environments. He urged the government to prioritize reforms that support private capital inflows and enhance the overall investment climate. While the Nigerian government has emphasized the importance of combating corruption and strengthening institutions, Agbaje questioned the extent of tangible reforms in the public sector. He called for a more decisive approach to address waste, inefficiencies, and unproductive practices within government entities. Comparing Nigeria's policy response to that of countries like Saudi Arabia, Agbaje highlighted the need for a more proactive and robust strategy to navigate the recession. He commended Saudi Arabia for its aggressive policy measures and structural reforms, despite having a smaller population and higher reserves. In conclusion, Agbaje stressed the importance of actions over rhetoric in driving Nigeria's economic recovery. He emphasized the need for a comprehensive policy framework that prioritizes private sector participation, addresses institutional weaknesses, and fosters a conducive investment climate. As Nigeria continues its battle against recession, embracing private capital and implementing meaningful policy reforms will be crucial in building a resilient and sustainable economy.