The Nigerian Economic Summit Group (NESG) has declared that the country needs strategic trade expansion in non-oil sectors to solve its crumbling economy.
Olusegun Omisakin, Director of Research at NESG, disclosed this in a statement announcing its 29th summit.
Omisakin noted that the country urgently needs to attract domestic and foreign investments into the economy, especially in infrastructure, education, and healthcare.
He explained that a trade expansion strategy will stimulate economic expansion, generate employment opportunities, and drive sustainable development.
“Strategic trade expansion in non-oil sectors with a focus on exports will diversify external revenue sources, reduce reliance on the oil and gas industry and elevate Nigeria‘s economic complexity on the global stage.
“Additionally, it will leverage the potential of the African Continental Free Trade Agreement (AfCFTA), build resilience against external shocks, and forge a more equitable, inclusive, and sustainable economy that benefits all Nigerians,” he stated.
DAILY POST reports that Nigeria’s inflation soared to 25.80 per cent in August.
The naira had continued to experience volatility, exchanging between N1010 and N1020 against $1 at the parallel market on Tuesday.
