Electioneering may stagnate economic growth, Nigeria’s Economic Summit Group warns

Chairman, Nigeria Economic Summit Group (NESG), Asue Ighodalo, has warned that the philosophical and political battles that will ensue as political parties choose their presidential candidates, may relegate focus on the economy and lead to the stagnation of the nation’s recovery.

Ighodalo, who gave this warning on Tuesday in Abuja at the launch of the NESG 2022 Macroeconomic Outlook Report, said that the distractions will likely amplify the challenges experienced in 2021, if the government does not immediately move to stem the tide by implementing critical reforms.

According to the Chairman, the NESG believes that policies that directly impact the welfare, gainful employment and safety of citizens and the performance, sustainability and job-creating potential of businesses, in the short term, must be at the forefront of government’s policies and actions in 2022. “Being a pre-election year, 2022 will likely come with its peculiarities.

First, increased election spending could motivate a tighter monetary policy stance to curb inflationary pressures. “Secondly, attention may shift from effective governance to outright politicking. The pace of decision-making usually slows down in a pre-election year and reform pronouncements and implementation become difficult.

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