Nigeria’s Economic Growth Stifled by Declining FDI – Peter Obi

The National Pension Commission (PenCom) and organized labour are at loggerheads over unresolved issues concerning pension funds management in Nigeria. Labour unions have expressed dissatisfaction with the commission's policies, alleging lack of transparency and failure to prioritize workers' welfare. A strike action is imminent if negotiations fail to yield results in the coming days. Key stakeholders have been called to intervene to avert a nationwide industrial action that could disrupt economic activities. The disagreement centers on the management of over N17 trillion in pension assets, with labour demanding better accountability and improved returns for contributors.

The Nigerian Economic Summit Group (NESG) reiterated that industrialisation remains a cornerstone for Nigeria’s economic prosperity. The group stressed the importance of creating an enabling environment for industries to thrive, which would lead to job creation and economic diversification. They called for urgent policy reforms to address challenges such as power supply and access to finance. This message was reinforced in multiple communications by the NESG to drive home its significance.

The Nigerian Economic Summit Group (NESG) has emphasized that industrialisation is critical to achieving long-term prosperity for Nigeria. In a recent statement, the group highlighted the need for policies that promote manufacturing, infrastructure development, and innovation to drive economic growth. They also called for collaboration between the government and private sector to address challenges such as power supply and regulatory bottlenecks that hinder industrial progress.