Politics

Released: Resolution of Nigeria Youth Stakeholders Conversation 5.0

Published

13 hours ago

July 4, 2025

NYSConversation 5.0

Discover Reports of the National Youth Discuss tagged “Strengthening the Purchasing Power of Naira through Economic Revitalization: NYSConversation 5.0 Outcome “

Abuja, Nigeria – The Nigeria Youth Stakeholders Conversation 5.0 report has proposed key strategies to revitalize the Nigerian economy and strengthen the purchasing power of the Naira. Held on April 30, 2025, in Abuja, the conversation brought together economic experts, young professionals, heads of agencies and stakeholders to discuss critical issues affecting the nation’s economy.

The report that emanated from the conference emphasizes the importance of policy frameworks, re engineering of the productive capacity and non-oil exports diversification, Tax Transparency and accountability as well as Leveraging on Human Resources as drivers of productivity, Hon. Blessing Oyefeso, the Convener NYSConversation and President, Nigeria Youths in Politics reiterated.

It was generally agreed that “Nigeria must transit from basic economy to efficient economy; an economy that requires higher level of efficiency”, where we produce what we consume and consume what we produce.

Moreso, the overbearing Revenue Generation Policy framework of the current administration was identified as the major root causes of the weak purchasing power of Naira, hydra inflation and economic tension.

The exponential increase in customs duties between 2023/2024 only succeeded in expanding the revenue generation capacity of Nigeria, eroded the purchasing power of the people, and created widespread poverty.

As a nation, we must look beyond widows might tax and explore alternatives taxation to support government expenditure, infrastructure development and social welfare of its citizens by tapping into international tax of Nigerian citizens and businesses abroad which according to experts “we are losing over Fifty Billion dollars ($50,000,000,000) annually”.

The National Assembly is advised to expedite action for the passage of the National Tax Crimes and Oversight Commission (NTCOC) which is at the 3rd reading in the 10th National Assembly, so as to tap into the international revenue to support the Naira and expand government spending power.

Key Recommendations of the report includes:

– Economy Diversification : Shift focus from oil to non-oil sectors and promote export-driven economy to reinforce the value of the Naira.

– Tax Diversification: Expedite Action on the passage of National Tax Crimes and Oversight Commission (NTCOC) Bill so as to unlock untapped international revenue running into over $50 Billions of dollars, this alternative taxation options will support government revenue generation to fund expenditure.

– Policy Shift: Transition from a capitalist economy to a market-oriented economy, prioritizing competition and entrepreneurship.

– Monetary Policy Overhaul: Review and revise Central Bank of Nigeria’s monetary policies to prioritize price stability and lower inflation.

– Human Capital Development: Invest in education and vocational training to develop a skilled workforce and drive economic growth.

Proposed Action Plan:

To ensure effective Action plan of the resolution from the conversation, the organizers set to flag off “Policy Watchdog Nigeria “ a platform that will ensure effective policy implementation across various public institutions , track key performance indicators, and promote accountability in government

It was agreed that there are countless of policies that are neither being implemented or totally neglected by institutions of government. Therefore, in other to ensure efficiency and sustainable economy development, Policy monitoring strategy that will ensure implementation of various policy framework, promote and enforce accountability in government is inevitable for Nigeria’s economy revitalization.

Thus, Policy Watchdog Nigeria platform will:

– Improve Policy Implementation: Ensure effective implementation of policies.

– Enhance Accountability: Hold government agencies accountable for policy implementation.

– Drive Economic Growth: Promote economic growth and development through effective policy implementation.

Expected Outcomes

The Policy Watchdog Nigeria platform is expected to contribute to Nigeria’s economic growth and development, promote transparency and accountability, and improve policy implementation rates. By addressing the challenges hindering effective policy implementation, this initiative aims to drive economic revitalization and strengthen the purchasing power of the Naira.

Conclusion:

Policy Watchdog Nigeria will play a crucial role in ensuring effective policy implementation, promoting accountability, and driving economic growth in Nigeria.

Nigeria Youth Stakeholders Conversation is a platform dedicated to promoting economic development, amplifying youth voices in leadership, governance, and advancing nation-building. We has been at the forefront, working to drive policy change, promote government policies, and foster economic growth through public-private national dialogue and engagement.

The vision for NYSConversation is “to be the premier platform where government, private sectors, and other stakeholders engage with youth constituents on socio-economic development issues, providing a platform for youth to engage in national development, drive inclusiveness and informed decision-making process.