has suggested critical areas of reforms that will drive significant improvement in the Nigerian economy in 2022.
“Going into 2022, Nigeria has the opportunity to build on current growth performance by initiating tough economic reforms that would remove the constraints on the expansion of sectors of the economy and enhance their capacity to create more jobs and lift millions out of poverty,” the outlook said. The group noted that the removal of subsidy on petrol as stipulated in the new Petroleum Industry Act would significantly impact all facets of the economy – particularly households’ welfare, cost of business operations, and government finances.
The report also suggested critical reforms in areas that would drive significant improvement in economic outcomes for Nigeria. “The heightened insecurity and social vices in several parts of the country are direct fallouts from the social exclusion suffered by many citizens,” it said.“Therefore, the government cannot afford to procrastinate on implementing these reforms as further delay could offset the gains from the recent rapid economic recovery. The urgency of now should be the watchword.
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