Posted Tue, May 16, 2023 1:05 PM

Historical and cross-country review of economic development and transformation has revealed that an effectively thriving market arrangement and private sector is the bedrock of economic growth and share prosperity. Nigeria’s economic growth experience has often been fragile, vulnerable, and devoid of shared prosperity for the people. The economic performance has been marred by macroeconomic instability - exchange rate volatility, inflationary pressures, fiscal imbalances and financial volatility. Even in periods of high growth, the economy battled a rising unemployment rate and expanding poverty headcount.

High and sustainable inclusive economic growth cannot be achieved without a functioning market system that guarantees the free flow of economic activities in the supply chain for businesses to thrive, regardless of size, industry or origin. This is because these businesses and firms are the ones to provide the much-needed investments across sectors of the economy, create jobs, bring about innovations and develop new technologies, provide solutions to social problems and create channels for government tax income to provide public goods. The absence of a functioning market system that guarantees businesses' survival and competitiveness to continue providing these social benefits truncates shared prosperity, translating to low (employment) opportunities, high price levels, low standard of living and poverty.