NES26: ‘China has displayed audacity to improve economic growth’

The Chairman of the Nigerian Economic Summit Group (NESG), Asue Ighodalo, says China has displayed audacity in its vision to improve the country’s economic growth.

Mr Ighodalo said Nigeria should emulate China in its effort to improve its economy and exit the current recession.

He said this at the ongoing NESG 26th summit on Monday in Abuja with the theme ‘Building Partnership for Resilience’.

“China has shown us what a serious nation can do when it looks back on its history and resolves never to fail its citizens. It is essential to note that this comparison with China is not misplaced,” he said.

Nigeria entered into a second recession in five years, culminating months of battering by the Coronavirus pandemic, a report by this newspaper explained.

According to the Nigeria Bureau of Statistics, the nation’s GDP declined 3.62 per cent in the third quarter of 2020, slightly better than its 6.10 percent contraction in the second quarter.

This is the second recession since 2016, and the worst in almost four decades.

Mr Ighdalo, whose reflection centered on the importance to emulate China in its economic transformation, said Nigeria needs to have the former’s spirit.

“The Chinese economy is on track to grow by one percent with almost twice as many cases and as many deaths.

The Chinese economy has not contracted since 1976 through trade wars and now a pandemic.”

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