Why The Pursuit of Economic Growth in Nigeria Must Be Inclusive
Inclusive growth generally refers to the equitable, sustainable as well as just distribution of both wealth and welfare, with social unity and human dignity heading toward human development. Inclusiveness in economic growth is not just in the removal of barriers, it also encompasses equality of opportunity as well as economic and social mobility for all sections of society and keeping pace with the rapid global changes. Inclusive growth combines the features of equal opportunities, including all economic, social, institutional, and sectoral dimensions with equality and inclusivity in the process of economic growth. Economic growth that is inclusive must capture dimensions that affect the most marginalized groups in society and provide means for equal access to and participation in the growth. However, inclusive economic growth can help reduce inherent gaps, thereby diminishing glaring inequalities.
The composition of a country’s economic growth is conducive to inclusiveness when it; Achieves balanced regional development including all sectors; Removes discrimination from all sides as it is a broad-based process and addresses the constraints of exclusion and opening opportunities for all; Reduces poverty by providing inclusive employment opportunities and implementing inclusive services for all. However, reflecting the multifaceted nature of the development challenges in Nigeria, economic growth approaches must be examined within frameworks that posit productive people, dynamic enterprises, and sustainable assets as the pillars and foundational conditions for generating inclusive growth.
A people-centered approach is the only way to avoid the growing disparity, social instability, and poverty. Thus, maintaining sustainable economic growth and development in Nigeria goes beyond the numerical indices of measuring economic growth to capture inclusivity which measures the impact of growth on the people in order to boost growth and counter the slowdown in economic development trends in Nigeria. Efforts must be made to accelerate economic activities and to ensure that its benefits reach everybody in society.
The Promotion of sustained, inclusive, and sustainable economic growth, full and productive employment, and decent work for all is goal eight (8) of the global sustainable development goals (SDG) which hinge on the recognition that sustained and inclusive economic growth is a prerequisite for sustainable development and can contribute to improved livelihoods for people around the world. While policies and plans are necessary to enhance development and improve the quality of life, it is important to note that in order to reap the benefits of economic growth, it is important to make them inclusive.
Nigeria needs more inclusive economic growth, so more people can exit poverty, and the country can evolve into a society with a sizable middle class. Achieving sustainable economic growth that is inclusive in Nigeria requires not just strengthening her national economy but also making sure that the most marginalized members of the society are reached. With the right reforms and investments, Africa’s largest economy can live up to its economic potential and bring more Nigerians out of poverty.
Government and private sector organizations must tackle the problems of developing frameworks and opportunities for meaningful employment for the increasing population and strengthening human capital to take advantage of these possibilities if they are to achieve more inclusive growth and eliminate poverty. This also calls for growth that is driven by the private sector and increased government involvement and investment of human capital. In order to promote inclusive growth, the government must step up efforts to address the causes of the nation's fragility by implementing policies that enhance security, social inclusion, the provision of public services, and the sustainable use of natural resources. At the same time, it must keep up efforts to increase transparency and eradicate corruption.
Furthermore, an active government role in human capital development and effective management of the abundant resources and teaming young labor force, and initiatives to realize greater transparency and eliminate corruption are necessary to take advantage of inclusive economic growth opportunities.