Despite recent improvements in key economic indicators—including lower inflation, a stabilizing exchange rate, and a rebound in crude oil production—the NAEE notes that the positive gains remain largely intangible for most Nigerians. This, the association says, is because major contributors to current growth, such as the oil and gas sectors and parts of the IT industry, do not employ large portions of the population.
Speaking during a press briefing ahead of the 2025 NAEE Annual International Conference, set to hold in Abuja from October 12–14, the association’s president, Dr. Hassan Mahmud, stressed the need for a more participatory growth model that goes beyond technical sectors and embraces broader economic inclusion.
“The growth process should be largely made participatory,” Mahmud stated. “SMEs and MSMEs should be contributing meaningfully to growth, not just the oil sector or IT. These sectors are important, but their employment capacities are limited and highly technical. Meanwhile, the non-skilled labor force—primarily in agriculture and manufacturing—is being left behind.”
He added that unless these traditionally labor-intensive sectors are actively integrated into the national development framework, the majority of Nigerians will continue to struggle with economic hardship, even amid positive macroeconomic trends.
Institutional Governance Key to Economic Recovery, Says Illedare
Also speaking at the briefing, Prof. Wumi Illedare, former NAEE Council Adviser, echoed similar sentiments, calling for the government to focus more on institutional governance rather than personality-driven policy execution.
Illedare pointed out that the Nigerian economy is still navigating the combined aftershocks of the COVID-19 pandemic, the removal of the petrol subsidy, and the floating of the naira—all of which have reshaped the nation’s fiscal outlook. He argued that long-term recovery hinges on sound institutions and strategic investment.
“I’ve always advocated that PMS (petrol) could sell for ₦800 per litre, but only if there’s proper institutional governance,” he said. “Right now, the shocks are still being felt. But if governance improves, the economy will bounce back.”
Illedare criticized current government spending patterns, noting that subsidy savings are not being effectively reinvested. He urged authorities to focus on long-term infrastructure projects—particularly rural road construction—which would help lower transport costs, facilitate market access for farmers, and ease sectoral inflation.
“If the government spends in rural areas—building roads to enable transportation of goods to local markets—it would have lasting economic benefits. Right now, the spending favors short-term prosperity over long-term growth,” he added.
Crude Oil Production: Unrealized Potential
Illedare also addressed Nigeria’s crude oil production levels, calling the current daily output of 1.4 million barrels unacceptably low, especially when juxtaposed with the nation’s estimated 37 billion barrels in proven reserves.
He insisted that if the Petroleum Industry Act (PIA) were fully implemented, Nigeria could easily reach the target of 3 million barrels per day by December 2025. However, he emphasized that this would require a complete overhaul of the sector’s governance framework.
“With 37 billion barrels in reserve, you should be producing at least 3% of that annually,” he said. “The problem isn’t technical or economic—it’s governance. Empower the institutions, implement the law as intended, and we can achieve 3 million barrels per day.”
A Call for Inclusive, Sustainable Growth
As the 2025 NAEE Conference draws near, the association hopes to spotlight these pressing issues while fostering dialogue between stakeholders, policymakers, and industry leaders. Central to its message is a clear call for inclusive, institutionalized, and broad-based growth that engages Nigeria’s diverse economic sectors—particularly SMEs, agriculture, and manufacturing—as engines for sustainable national development.
In a country where the majority still operates outside the formal economy, NAEE’s warning is clear: without inclusive planning and transparent governance, macroeconomic success will remain a distant reality for most Nigerians.