Nigeria’s faulty economy structure may keep growth rates under 5% – Dr. Olusegun Omisakin 

This is according to Dr. Olusegun Omisakin, Director of Research and Chief Economist at the Nigeria Economic Summit Group (NESG). during the Naijaonpoint Nigeria Economic Outlook 2025 Focus: Exchange Rate, Interest Rate, Economic Growth, Geopolitics, where he reviewed Nigeria’s economic trajectory and outlined the challenges facing the nation.

Speaking on the country’s historical growth trends, he noted that while Nigeria experienced a remarkable growth rate of 14.6% in 2002, subsequent years have been marked by a downward trend.

“From around 1999 to 2002, we had a fantastic series of growth rates, ending up with about 14.6%. That looks incredible because if you talk about that now, it seems impossible—but we did it,” he said.

 “The structure of the economy has been fundamentally faulty for years. It doesn’t matter how long we follow the current structure; we will continue battling with growth rates below 5%,” he emphasized. 

Despite the bold reforms undertaken by the 2024 administration, including forex liberalization, fuel subsidy removal, and tax reforms, economic instability persists. Dr. Omisakin pointed out that the success of these reforms is constrained by systemic inefficiencies. 

Highlighting whether the challenges stemmed from policy implementation or the policies themselves. Dr. Omisakin argued that even the best policies can deliver limited results within Nigeria’s flawed economic environment. “The results are determined by the efficiency of the economic system. Even with efficient reforms, people will still suffer because of the underlying issues,” he said.