Tilewa Adebajo, CEO of CFG Advisory, asserts that revamping Nigeria’s trade and industrial policies is essential for closing the output gap and achieving sustainable growth. He advocates for reduced reliance on imports and enhanced local manufacturing to drive the country’s economy toward a target of a Trillion Dollar Economy. Adebajo also raised concerns about rising debt levels, stressing the need for proactive policy measures to secure Nigeria’s economic future.
Tilewa Adebajo, the Chief Executive Officer of CFG Advisory, has underscored the necessity for Nigeria to revamp its trade and industrial policies to stimulate economic growth. Adebajo pointed out that with a population of over 200 million, the current GDP growth of 3.4% is inadequate, signaling a pressing need to address the existing output gap in order to pursue a Trillion Dollar Economy.
In a recent interview with CNBC Africa, Adebajo emphasized that sustainable double-digit growth is essential for Nigeria’s future prosperity. He attributed the country’s growth challenges to excessive reliance on imports and called for policies that bolster local manufacturing. Noting the wealth of natural resources, including oil and gas, he highlighted the significance of a robust industrial policy to reduce import dependency and improve productivity.
In conclusion, Tilewa Adebajo of CFG Advisory advocates for fundamental reforms in Nigeria’s trade and industrial policies to facilitate economic growth. He emphasizes that proactive policy-making will be vital for reducing import reliance, boosting local industries, and achieving desired growth rates. Without significant policy changes, Nigeria may continue to experience stagnated growth; thus, immediate action is necessary to realize its economic potential.
Original Source: www.cnbcafrica.com
