COMMUNIQUE FROM THE ROUNDTABLE ON EXPLORING THE ECONOMIC OUTLOOK OF NIGERIA

As of June 2023, Nigeria’s foreign debts stood at $43.2 billion, with domestic debt reaching N54.1 trillion, resulting in a total public debt of N113.4 trillion. Despite the eco-nomic strain, the federal government contemplates further substantial borrowing from the World Bank, raising concerns about the country’s overreliance on external funds for public spending.
In light of the current macroeconomic challenges facing Nigeria, manifesting as high unemployment, rising debt, inflation, and a devalued Naira, ActionAid Nigeria in part-nership with key stakeholders-Centre for Social Justice (CSJ), Abuja Chambers of Com-merce and Industry (ACCT}, Manufacturers Association of Nigeria (MAN), and Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), convened a Technical Roundtable on the theme on Tuesday, 28th November 2023 at the Rockview Royale Hotel. The event brought together diverse participants, including SMEs, women groups like Small-Scale Women Farmers Association of Nigeria (SWOFON), Persons with Dis-abilities (PWDs), Media executives, government MDAs, Civil Society Organizations among others to address these critical issues and the perspectives. With a commit-ment to poverty eradication through resource redistribution and resilience, ActionAid Nigeria operates in solidarity with those living in poverty, striving for social justice, gender equality, and a sustainable world.
The objective of the roundtable was to collaboratively assess the nation’s current eco-nomic landscape, foster exploration of strategic solutions for sustainable economic de-velopment, and leverage the outcome for further engagement with governments at all levels (National, State, LGAs).
Highlight of the event were welcome remarks by leads/ representatives of the collabo-rating organisations- ActionAid Nigeria, Center for Social Justice (CSJ); Small and Medium Enterprises Development Agency of Nigeria, (SMEDAN); Manufacturers Associ-ation of Nigeria (MAN),and Abuja Chamber of Commerce and Industry (ACCI); a techni-cal session/ presentation on the State of the Economy in the context of the Medi-um-Term Expenditure Framework (MTEF 2024-2026), and discussion on the subject.

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