The Chief Executive Officer of the Nigerian Economic Summit Group (NESG), Dr. Tayo Aduloju, has said Nigeria needs to move beyond macroeconomic stabilisation and focus on reforms that can translate economic gains into improved productivity, jobs and living conditions.

Aduloju said the country had achieved a measure of macroeconomic stability following reforms implemented over the past three years but noted that the impact of those improvements had yet to be sufficiently reflected in household incomes and broader economic activity. He described the next phase of Nigeria’s economic reform process as one centred on “conversion reforms” aimed at turning macroeconomic stability into stronger business performance, investment, employment and improved welfare.

Speaking during an interview, Aduloju said recent global developments had created additional pressures on African economies through rising shipping costs, import prices, energy costs and agricultural inputs. He said these external shocks, including developments affecting global trade routes and energy markets, were being transmitted to households through higher costs of goods and services.

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“All of us in Africa are seeing what I like to call the war-to-wallet transmission,” Aduloju said, explaining that countries with stronger macroeconomic fundamentals were better positioned to absorb external shocks. He said Nigeria was not currently facing the type of macroeconomic instability associated with a balance-of-payments crisis, but warned that global pressures could test the country’s economic resilience over the next 12 to 24 months.

According to him, Nigeria’s major challenge was how to convert macroeconomic stability into economic growth that could outpace population growth, create productive employment and improve output in sectors such as agriculture and manufacturing. “We have a conversion challenge,” he said, referring to the need to turn macroeconomic gains into productive jobs, investment and higher output.

He said the country needed reforms that would address constraints affecting businesses and productivity rather than focusing only on national-level macroeconomic indicators. Aduloju identified inflation, the cost of doing business and low productivity as some of the issues requiring attention if Nigerians were to experience the benefits of economic reforms more directly.

The NESG chief also highlighted energy as a major constraint, particularly the challenges associated with electricity supply and broader energy security. According to him, consistent disruptions to the national electricity grid were limiting the ability of businesses and industries to expand production. “Without solving energy security, you cannot power growth,” he said.

On the oil sector, Aduloju said Nigeria needed to increase crude oil production to a level that would support domestic refining while maintaining sufficient volumes for exports. He said production had improved compared with previous periods but remained below the level required to fully support the country’s refining and export ambitions.

Aduloju also stressed the importance of investment in driving economic growth and job creation, saying Nigeria needed to develop more competitive and investment-ready projects to attract foreign direct investment. He said investors entering Africa assess opportunities across several countries and would deploy capital to projects and markets they considered most competitive.

“Money in Africa is not looking for Nigeria. Money comes into Africa and looks for the best place to go,” he said, adding that Nigeria needed to strengthen the competitiveness of projects seeking investment. He also called for greater attention to how increased revenues available to state governments are deployed, particularly towards sectors capable of expanding productive economic activity.

Aduloju said subnational governments should develop clear plans for productive expansion that could support growth and employment across the country. He said these issues would form part of discussions at the 2026 Nigerian Economic Summit, scheduled to hold from October 26 to 27.

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The summit has been themed “Growth That Works”, reflecting ongoing discussions about the quality of economic growth and its impact on employment, productivity and household welfare. Aduloju said the objective was to build consensus around growth that creates jobs, supports diversification, increases exports, promotes technology adoption and improves human well-being.

According to him, growth must have sufficient depth to lift more Nigerians out of poverty and absorb the country’s growing population into productive employment. He added that discussions at the summit would focus on key areas including investment, domestic production, skills development, subnational growth and security.