Business
NESG, AERC Advocate Sectoral Reforms For Industrialisation
The Nigeria Economy Summit Group (NESG) has called for sectoral reforms in manufacturing, trade, education, health, and ICT to champion industrialisation, strengthen the value chain and promote inclusive growth in Nigeria.
NESG Chief Executive Officer, Laoye Jaiyeola, stated this in Abuja, at a workshop by the African Economic Research Consortium (AERC) and NESG with theme, “Sectoral Development: Assessing the conditions that Drive Youth Unemployment in Key Sectors of the Nigerian Economy.”
Represented by Research and Chief Economist, NESG, Dr Olusegun Omisakin Jaiyeola, he said the body would continue to champion economic growth in Nigeria, explaining that the event was aimed at disseminating key findings on drivers of unemployment and providing a platform to deliberate and share perspectives towards improving youth employment in Nigeria.
Citing research from the National Bureau of Statistics (NBS) that 63 per cent of Nigerians between the ages of 13 and 34 are under-employed or unemployed, he expressed regrets that youth unemployment has resulted in militancy, kidnapping, political thuggery, armed robbery, prostitution and other vices.
The CEO, who stated that a study by the NESG and AERC used a sectoral approach to investigate youth unemployment in Nigeria and the need for sectoral reforms in manufacturing, trade, education, health, and ICT, noted that a reform in the sectors would champion industrialisation, strengthen the value chain and promote inclusive growth.
AERC Agricultural Consultant, Dr Sarah Edewor, while delivering a presentation of AERC research findings, identified access to finance, electricity issues and corruption as key constraints to investment in Nigeria.
Edewor revealed that the research shows that females assist males and help to increase remittances and that male employment was driven by the manufacturing and services sector, while the trade sector provided more employment opportunities for females.
Speaking, the Country Manager/Deputy Managing Director, OCP Africa Fertilizer Nigeria Limited, Caleb Usoh, reiterated the need for the private and public sectors to work together to improve the operating environment to facilitate job creation, increase employment opportunities and enhance economic growth.
Speaking in the same vein, Ridwan Sorunke, Senior Manager, Global Government Relations and Public Policy, Nigeria and Africa Expansion Markets, Procter and Gamble, said that for the manufacturing sector to drive growth, economic development must be sustained.
In his contribution, MrTemiAdegoroye, the Managing Partner of Sahel Consulting, said Nigeria still lacks talents and that a talent-skill gap exist in the formal and informal sectors of the Nigerian Economy.
Also, Research Manager, AERC, DianahNguiMuchai, said youth unemployment remains a significant problem for Africa, and one in three young people are employed but often engaged in poor quality jobs, making them vulnerable to job losses and poverty.
On her part, Managing Director, Edo State Public Service Academy, Ms Precious Ajoonu, said there was a need to mainstream gender issues and having gender support groups that cut across the strata of society to aid representation and economic growth.
Credit to Nigeria’s private sector rose to N83.26 trillion in June 2026 from N81.04 trillion in May, signifying a positive balance of N2.22 trillion month-on-month.
Year-on-year, the figure represents a nine per cent increase compared with the N76.13 trillion recorded in June 2025. The latest figures come as the CBN continues to balance efforts to control inflation with the need to support economic growth and expand credit to businesses.
The CBN data shows that credit to Nigeria’s private sector increased by approximately 2.74 per cent month-on-month between May and June 2026. Also, the CBN data noted that credit to the government fell slightly to N40.03 trillion from N40.38 trillion. Other assets, net, dropped to N10.76 trillion from N12.63 trillion.
The credit surge signifies sustained growth in lending to businesses and other private-sector borrowers during the month. The rise in private sector credit was recorded alongside an increase in net domestic credit, despite declines in credit to government and other assets.
Further analysis of the report says that compared with June 2025, private sector credit rose by about N7.13 trillion yea-on-year but net domestic credit increased by approximately N1.87 trillion during the month.
The CBN’s relatively tight monetary policy stance notwithstanding, more banks still loaded funds to the private sector within the period. The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its 306th meeting on July 20 and 21.
The Committee reviewed recent developments in the global and domestic economies, assessed emerging risks to the outlook and considered their implications for monetary policy and retained all rates.
The Committee decided to retain the Monetary Policy Rate at 26.5 per cent; the Standing Facilities Corridor around the MPR at +50/-450 basis points and retain the Cash Reserve Requirement (CRR) for Deposit Money Banks at 45.00 per cent, Merchant Banks at 16.00 per cent, and non-TSA public sector deposits at 75.00 per cent.
The MPC decision means that credit extension in the private sector will likely continue to rise because of rising confidence in the sector and calls by stakeholders for banks to invest in the private scetor instead of government securities.
