Recipes For Shared Prosperity In Nigeria

Abstract

Nigeria has been characterised by improving economic growth with no considerable impact on the living standards of its citizens. The  country has, over time, been grappling with weak economic growth, accompanied by high poverty, increasing cost of living, rising  unemployment and widening income gaps. Reversing this unimpressive socioeconomic narrative requires the need for shared prosperity. As proposed and domesticated for Nigeria by the NESG in the 2023 Macroeconomic Outlook Report¹ , the Shared Prosperity  Agenda (SPA) entails achieving broad-based economic growth, job creation, poverty reduction, and reduced inequality for all Nigerians.  The SPA framework relies on two (2) core objectives – a competitive and sustainable economy and economic prosperity for all, twelve (12)  guiding principles, four (4) strategic thrusts, eight (8) enablers, and measurable targets. This article outlined the fundamental  requirements to foster shared prosperity in Nigeria.