Nigeria’s economic policy implementation low – NESG

The Nigerian Economic Summit Group (NESG) has maintained that Nigeria’s economic policy implementation is still how, noting that the country does not lack policies but the implementation drive. To this end, the Group convened the human capital development forum, which served as a strategic platform to harmonise public and private sector efforts, bridge skills gaps, […]

The Nigerian Economic Summit Group (NESG) has maintained that Nigeria’s economic policy implementation is still how, noting that the country does not lack policies but the implementation drive.
To this end, the Group convened the human capital development forum, which served as a strategic platform to harmonise public and private sector efforts, bridge skills gaps, and institutionalise data-driven development as a cornerstone of Nigeria’s economic trajectory.
A statement on Tuesday issued by Ayanyinka Ayanlowo, Head, Strategic Communications and Advocacy, NESG, explained that Human Capital Development (HCD) remains a critical driver of economic growth and national prosperity, yet Nigeria continues to face persistent challenges, including funding gaps, inefficient resource allocation, and weak institutional frameworks.
The statement noted that “Nigeria’s challenge lies more in implementation and execution than in the absence of policies.
“This is why the private sector’s core operations, not just Corporate Social Responsibility —are vital drivers of economic growth and human capital outcomes,” the statement noted.
On the relevance of MSMEs to economic growth, it noted that “MSMEs remain the largest source of employment and hold significant potential to reduce unemployment if properly supported. A shift from job-seeking to job creation, especially among youth, is necessary. Programmes like NYSC require restructuring to better support skills development and entrepreneurship.
“Nigerian youth are capable but constrained by limited opportunities and weak support systems. Monitoring and evaluation systems remain weak due to funding and capacity gaps, among other issues,” it added.
It further quoted Dr. Tayo Aduloju, Chief Executive Officer of the NESG, calling for a moment of reflection on the scale and urgency of the challenge.
“This moment requires us to consider our next steps carefully and we emphasise the importance of transparency, shared ownership, and cross-sector collaboration, noting that the insights presented demand a coordinated and deliberate response.
He urged stakeholders to critically evaluate existing strategies and align efforts toward shifting Nigeria’s human capital trajectory in a sustainable and impactful way.
Ms. Rukaiya El-Rufai, Special Adviser to the President on National Economic Council (NEC) and Climate Change/National HCD Coordinator, underscored the urgency of strengthening Nigeria’s human capital as the foundation for economic transformation.

With Nigeria projected to become one of the world’s most populous countries by 2050, she stressed that sustained investment in health, education, and skills is critical to improving productivity, reducing poverty, and achieving the country’s long-term economic ambitions.