New NESG Chair: Economic Growth Must Boost Livelihoods

In a statement following his appointment as the new chairman of the Nigeria Economic Summit Group (NESG), Omoboyede Olusanya has underscored the importance of prioritizing improvements in employment, income, and living standards for Nigerians as a crucial aspect of the country’s economic policy.

According to a report by Punch Newspapers, Olusanya emphasized that economic growth must be directly linked to enhancing the livelihoods of ordinary citizens, rather than solely focusing on GDP figures.

‘The Nigerian economy is in dire need of a shift in focus. While we have made progress in some areas, it is evident that our economic policies have not been effectively addressing the challenges faced by the average Nigerian,’ Olusanya said.

Olusanya’s appointment as the new NESG chairman comes at a critical time, as Nigeria grapples with high unemployment rates, income inequality, and stagnant living standards.

The NESG is a prominent think tank composed of private and public sector leaders, academics, and civil society organizations. The group is known for its role in shaping economic policy discussions and advocating for sustainable development in Nigeria.

Prior to his appointment as the new NESG chairman, Olusanya served as the Group Managing Director and Chief Executive Officer of one of Nigeria’s leading financial institutions. He is also a member of several prominent economic and development organizations.

Olusanya’s emphasis on the importance of improving livelihoods through economic policy aligns with the sentiments of many Nigerians who have long called for a more people-centered approach to economic development.

‘The time has come for our economic policies to prioritize the needs and aspirations of the Nigerian people. We cannot continue to focus solely on economic growth without addressing the challenges faced by ordinary citizens,’ Olusanya concluded.