The Chief Executive Officer of the Nigeria Economic Summit Group (NESG), Dr. Tayo Aduloju, has said that Nigeria must build strong political, economic, and social institutions led by committed leadership to realise its economic development objectives.
Speaking during a panel session at Economic Discourse themed “Nigeria’s Economic Outlook 2025: Hardship and Pathways to Sustainable Recovery,” Aduloju emphasised that Nigeria’s economic challenges are rooted not just in policy failures, but in institutional weaknesses and leadership gaps.
“Nigeria’s problems are economic, but not first economic. The economics of our problem is a subset of how we’ve defined the problem,” he said. “Nigeria has failed to pursue national development as a responsible sovereign. The political, business, and even military elites—by action or inaction—have conspired to slow or in some cases derail Nigeria’s development.”
Aduloju argued that building a strong nation requires a redemptive vision supported by all segments of society. He stressed that while Nigeria had clarity of purpose at independence in 1960, successive administrations have failed to maintain consistency in development planning.
“Our political institutions create agendas that do not support economic ones. Development plans are often abandoned with every political transition. Unlike countries like Indonesia and Malaysia, Nigeria lacks consensus on a national vision that survives beyond electoral cycles,” he said.
He noted that ambitious targets like double-digit growth and industrialisation have long been part of Nigeria’s plans since Vision 2010, but they consistently fail due to lack of institutional and leadership commitment. “The private sector and the government must co-deliver transformation. That requires shared accountability and action, not just summits or press briefings,” he said.
On Nigeria’s growth potential, Aduloju pointed out that projections have repeatedly placed the country among the top 20 economies by 2050, yet the country continues to lag in tangible outcomes. “Potential is not our problem. It’s the capacity to convert potential into measurable results that’s lacking,” he said.
He stressed the need for institutions that can effectively design and execute policy. “If you hand over any agenda to a weak institution, nothing will happen. Institutions execute policies, and without capable leadership, even the best plans will fail,” he warned.
He also highlighted the disconnect between the growing cost of governance and declining government performance, calling it a core factor affecting national peace, stability, and economic strategy. “We’re spending more on governance, but getting less in return,” he said.
Aduloju emphasised the need for practical public-private sector engagement that drives reform and development. He cited Nigeria’s $3 trillion infrastructure stock as an example, noting that 75% of it is bankable if properly depoliticised and de-risked. “Investors want incentives and clear policies, not bottlenecks. That’s what attracts capital,” he said.
He cited the case of Dangote Refinery, noting how inconsistent policy narratives from government officials created confusion despite the project’s completion. “It’s not just about policies but how consistently and transparently they are executed,” he stated.
On agriculture, Aduloju called for a partnership between smallholder farmers and large-scale agro-industrial firms supported by science and finance. He noted that one-third of Nigeria’s cultivable land faces security threats, while policy inconsistencies and unclear subsidies continue to hinder investment in the sector.
“You want to grow maize production to 20 million tons by 2025? Then let’s know how much land has been cultivated, what seeds are being used, and what yields are expected. Government and business must jointly declare and align their inputs,” he said.
He maintained that investment creates opportunity, and opportunity creates jobs. “No jobs means no investments. No investments means poor business environments. This is the chain we must fix,” he said.
Dr. Aduloju concluded by warning that Nigeria has just about 20 months of meaningful governance before the next electoral cycle begins. “We can deliver real results in 12 months—on power, food security, manufacturing—if we take ourselves seriously. The solutions exist within what I call the ‘ark of the possible.’ We don’t need divine intervention; we need serious, coordinated action,” he said.
