NIGERIA NEEDS 9% ANNUAL GROWTH TO REDUCE POVERTY – SOLUDO

Anambra State Governor Chukwuma Soludo says Nigeria’s economy needs to grow by at least nine per cent annually to significantly reduce poverty and create more jobs.

Speaking at the 32nd Nigerian Economic Summit in Abuja on Monday, Soludo said the country’s current growth rate of about four per cent was too slow to deliver the improvements Nigerians need.

The summit’s theme, “Growth that Works: Delivering Jobs, Productivity and Shared Prosperity,” focused on turning economic expansion into better living conditions.

Soludo argued that faster growth would require a substantial increase in investment. He put Nigeria’s investment rate at between 17 and 20 per cent, saying more resources must go into productive activities that expand the economy and generate employment.

He also said Nigeria would need annual growth of at least 12 per cent to reach a one-trillion-dollar economy within the 2030 or 2040 timeframe he discussed.

The governor cautioned against judging government spending by large headline figures alone. According to him, combined public expenditure across the federal, state and local governments amounts to less than one dollar per person daily.

He called for national savings to be directed towards investments that increase production, create jobs and improve living standards.

Soludo also urged closer cooperation among all three tiers of government, noting that states and local governments account for a substantial share of public spending. Better coordination, he said, would help policies and investments deliver stronger results.

Highlighting Anambra’s education programme, Soludo said the state provides free schooling from kindergarten through secondary school. He added that its out-of-school children rate had fallen from 2.5 per cent to 0.25 per cent.

His message was that economic growth must translate into practical benefits, including employment, access to education and improved household welfare.