Unlocking Inclusive Growth and Sustainable Development in Nigeria: A Roadmap Through Challenges and Opportunities
DOI:
https://doi.org/10.26437/ajar.v10i1.683Keywords:
Economic disparities. financial inclusion. inclusive growth. socio-economic. sustainable developmentAbstract
Purpose: This paper aimed to explore the concept of inclusive growth within Nigeria's socio-economic framework, particularly in light of the Nigeria Agenda 2050 (NA2050), a strategic policy initiative. It seeks to understand Nigeria's multifaceted challenges and opportunities in achieving inclusive growth.
Design/Methodology/Approach: The study reviewed secondary data sources including, reports from various agencies and institutions, and government data. It utilised thematic analysis to dissect and present insights into Nigeria's developmental trajectory as outlined by NA2050.
Findings: Despite significant economic strides, Nigeria struggles with socio-economic disparities, marked by high unemployment, rising inflation, and infrastructural deficits. The NA2050 is a crucial framework advocating for robust governance, macroeconomic stability, economic diversification, and human capital development to overcome these challenges.
Practical Implications: The study highlighted the essential roles of technological advancement and financial inclusion as key drivers of sustainable development and economic resilience in Nigeria. It calls for a multi-stakeholder approach to implement NA2050's strategies effectively, enhancing transparency in the oil sector, prioritising human capital development, and fostering private sector-led growth.
Social Implications: This research emphasised the need for inclusive growth that benefits all societal layers in Nigeria, addressing the persistent socio-economic gaps that hinder equitable development and social cohesion.
Originality and Value: The paper contributes to the discourse on inclusive growth by providing a pragmatic roadmap for Nigeria’s socio-economic revitalisation, offering a detailed analysis of the strategies embedded in the NA2050 and their potential impact on the nation's future.
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