To attain sustained economic growth in Nigeria, the Chief Executive Officer, Nairametrics, Ugodre Obi-Chukwu has called for the upgrading of infrastructure through mega projects such as the Lagos Calabar Coastal Highways.
Speaking at the January edition of the Financial Correspondents Association of Nigeria (FICAN) meeting focused on Nigeria’s Macroeconomic Outlook 2025, Ugodre Obi-Chukwu pointed out that infrastructure projects could unlock transportation networks, spur the creation of new living areas, and attract both investments and population shifts.
“The Obasanjo era demonstrated how strategic investments can create a thriving economy.
Nigerian companies attracted global investments, and many Nigerians in the diaspora were compelled to return, inspired by the economic potential created by these reforms,” Obi-Chukwu said.
To replicate such success, Obi-Chukwu proposed a focused approach toward upgrading critical sectors.
He stressed the need to modernise agriculture, expand transportation networks, enhance power generation and distribution, and improve oil and gas infrastructure.
The expert argued that complementary policies that promote transparency, accountability, and continuity in these projects are also vital to unlocking Nigeria’s growth potential and positioning the country for long-term development.
Obi-Chukwu also stressed the importance of policies that promote transparency, accountability, and continuity to ensure the success of these initiatives.
He, however, warned of significant challenges, including high inflation, exchange rate instability, and fiscal deficits, noting that while achieving a 15 per cent inflation target may be ambitious, he projected inflation could stabilise at 29-30 per cent if ongoing reforms are sustained.
On currency stability, Obi-Chukwu cited the mismatch between the naira’s true value and its current exchange rate as a major concern. He called for increased dollar supply to address this imbalance amidst competition for inflows into frontier markets.
“Nigeria’s large fiscal deficits, growing debt burden, and high inflation rate pose serious threats to exchange rate stability and could undermine the benefits of ongoing forex reforms,” he warned.
Obi-Chukwu reiterated that sustained infrastructure investments and targeted economic reforms are Nigeria’s best bets for achieving sustainable growth, global competitiveness and currency stability.
He also called for the mandatory listing of companies executing major infrastructure projects in Nigeria, including the Lagos-Calabar Coastal Highway, on the Nigerian Exchange Ltd. (NGX).
