The Nigerian Economic Summit Group (NESG) has stressed the need to integrate the outcomes of its previous Summit NES#29 into the government’s plans and programmes.
Niyi Yusuf, the chairman of NESG stated this in Abuja on Tuesday during the inauguration of the joint planning committee for NES#30.
According to Yusuf, represented by Omoboyede Olusanya, the vice chairman of the group, the summit, with its rich advocacy, reform, and collaboration history, remains a crucial catalyst for addressing current challenges and steering Nigeria towards a future of inclusive growth and economic resilience.
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He explained that the annual summit has in the past three decades served as a vital platform for dialogue, policy formulation, and consensus-building among a wide range of stakeholders, driving Nigeria’s economic agenda forward.
“Over the years, the NES has played a crucial role in shaping Nigeria’s economic policies and development strategies.
“Its advocacy and recommendations have led to significant reforms in the banking sector, telecommunications, maritime and seaports, and the energy sector, among others. Each step, from privatising state-owned enterprises to the liberalisation of the telecommunications sector, has moved us towards a more efficient, competitive, and diversified economy.
“To maximise the benefits of our ongoing collaboration for Nigeria’s economic development, we respectfully request the Honourable Minister to present the outcomes of the 29th Nigerian Economic Summit to the Federal Executive Council for consideration and integration into government plans and programmes,” he said.
Speaking further, Yusuf noted that Nigeria has encountered various economic and political obstacles in recent years, underscoring the urgent need to redesign its systems and address structural issues.
One of Nigeria’s pressing concerns according to him, is translating economic growth into improved living standards for all its citizens, adding that despite experiencing growth, the country grapples with rising unemployment, income disparity, and multidimensional poverty.
“These challenges are worsened by an uneven allocation of resources, macroeconomic instability, and institutional deficiencies. Moreover, the new government implementation of fuel subsidies and exchange rate reforms in quick succession has had unintended adverse effects, exacerbating existing structural issues.
“On the flip side, international organisations have applauded the long overdue reforms and have revised Nigeria’s credit rating outlook to positive from stable. Furthermore, the twin reform has led to significant improvement in Nigeria’s current account, Federation account allocation and Foreign Direct Investment (FDI) inflows,” he said.
Yusuf stressed that the nation’s weak economic realities which have reflected in poor socioeconomic outcomes and declining living standards in the country, require immediate action.
“In light of these severe realities, we hope the 30th Nigerian Economic Summit will be a significant conversation for action among public and private sector stakeholders and all Nigerians. It’s a time to reflect on our economy, rethink our economic fundamentals, and deliberate on the short, medium, and long-term priorities to tackle our challenges,” he added.
On his part, Abubakar Bagudu, minister of budget and economic planning, noted that the key outcomes of the annual summits have always played important roles in shaping the government’s policies.
According to the minister, who was represented by Nebeolisa Anako, permanent secretary of the ministry, the partnership has helped in the development of the National Development Plan (NDP), 2021-2025, the Nigeria Agenda 2050 and provided invaluable policy recommendations for the government.
The annual summit, he said, provides a veritable platform for dialogue among policymakers, corporate leaders, organised private sector, civil society organisations as well as development partners. “It also provides the opportunity to strengthen the existing mutual and symbiotic relationship between the public and private sector in the overall interest of our dear country,” he said.
“To ensure effective preparation for the summit, members of the JPC for the 30th Economic Summit have been carefully selected in recognition of their pedigree, experience, and knowledge in organising previous summits as well as a keen interest in the development of our nation,” he said.
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