Economists have advised the federal government to channel more investments into the industrial and crude oil sectors as part of strategies to sustain Nigeria’s economic growth.
Prof. Sherifdeen Tella, Lecturer of Economics, Babcock University, told the reporters in Lagos on Thursday that stronger interventions in the industrial sector would accelerate Gross Domestic Product (GDP) growth.
“The government should empower domestic production firms in critical areas with funds that can be repaid in the future.
“This support can be likened to the U.S. bailout for industrial firms during the 2008 global economic meltdown,” Tella said.
He added that subsidising energy, particularly electricity and petrol, would stimulate growth in the productive sectors.
He also said that innovations to tackle oil theft and boost crude production could improve the nation’s export earnings.
“This will encourage more players to venture into the sector and increase exports to the global market, thereby earning more revenue for the government,” he said.
In his contribution, Dr Uju Ogubunka, former Executive Secretary of the Chartered Institute of Bankers of Nigeria (CIBN), said improved security was vital to sustaining growth.
“Having a secured economy is important, where people can earn their livelihood without molestation.
“For instance, our hinterland is not as secure as expected, and this has reduced agricultural production with direct consequences in the market,” Ogubunka said.
He also urged the government to prioritise infrastructure renewal.
“The government should invest more in regular electricity supply and the completion of railway projects.
“These will attract more investment and facilitate economic development,” he said.
The National Bureau of Statistics (NBS), in its second quarter of 2025 GDP report, said Nigeria grew by 4.23 per cent in real terms year-on-year.
The report noted that the growth rate was higher than the 3.48 per cent recorded in the second quarter of 2024, underscoring the need to consolidate gains with stronger reforms and targeted investments.
