Nigeria @65: Economists Caution Against Excessive Borrowing, Weak Productivity

By OBI DAVIES

AT Nigeria’s 65th Independence anniversary, economic experts warned the Federal Government against policies that worsen poverty and slow growth.

Former CBN research director Chris Nemedia said low productivity, poor infrastructure, and lack of an enabling environment continue to stifle private sector–driven growth. He urged urgent investment in roads through private equity financing to ease the pressure on public funds.

Nemedia also noted that the floating of the naira has created challenges for an emerging economy like Nigeria.

Progressive Shareholders Association president, Boniface Okezie, advised government to focus on welfare reforms, tackle insecurity fueling food inflation, and reduce youth unemployment.

He cautioned against heavy borrowing to fund the 2026 budget, warning it could worsen deficits, strain foreign exchange reserves, and further pressure the naira.