From the 26-27th of this month October 2020, a most important discussion on the socio-economic future of Nigeria will take place. It is the 26th conference of the Nigeria Economic Summit Group (NESG) in partnership with the Federal Ministry of Finance, Budget and National Planning with the theme “Building Partnerships for Resilience”.
Given our current dire socio-economic situation, the summit with its focus could not have come at a better time. Before COVID-19, Nigeria faced many socio-economic challenges. With COVID-19, our situation has significantly worsened with almost all socio-economic variables heading south-inflation, unemployment, poverty, inequality, foreign direct investment, insecurity and many others. Just as COVID-19 kills more people with underlying health challenges, our current socio-economic situation makes us a good victim of COVID-19.
Whereas the Federal government is responding through different measures particularly the N2.3 billion National Economic Sustainability Plan, more efforts and activities are urgently required. This is the focus of the NES 26! Aptly described as a “Big Conversation for Action’’, the summit among other factors aims to “(i) reflect on the state of the economy, rethink our economic fundamentals and deliberate on the impact of the global epidemic. (ii) Highlight the role of Nigeria’s sub-nationals as frontiers for national development (iii) Explore emerging trends in the horizon that will enable Nigeria to capitalise on new opportunities and (iv) Agree on a compact with clear and decisive actions that commit stakeholders to collaborate and build resilience for Nigeria’s households, businesses, and economy by ensuring that Nigeria meets the SDGs by 2030”
Divided into 26 sessions with about 125 speakers, the NES 26 summit is arguably a summit of immense importance for the socio-economic survival of Nigeria. For instance, one of the eight plenary sessions, “Empowering Sub-Nationals” will focus on how the Sub-Nationals (states and local governments) can be better empowered to unlock their endowments, potentials and competitiveness. As we all know, there is too much emphasis on the Federal government for all our development challenges. While we presently operate a Federal system of governance with three layers- the federal, the states and the local governments, an opportunity for more inclusive and sustainable Nigeria will be to properly examine, formulate and execute policies to enhance the functional effectiveness of the states and local governments.
With infrastructure a key factor for our socio-economic development, a question demanding a detailed answer is the way the Sub-National governments can be better empowered to provide more and better infrastructure for their states and local governments
With infrastructure a key factor for our socio-economic development, a question demanding a detailed answer is the way the Sub-National governments can be better empowered to provide more and better infrastructure for their states and local governments. Asking the question in another way will be to examine other factors that constrain the Sub-Nationals in providing the much-needed infrastructure in our states and local governments.
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As this session demands high-level interrogation and ownership, the panel session will consist of two strategic state governors, the leadership of the national assembly, a key member of the 2014 National Conference and globally acclaimed expert on empowering sub-nationals. Just as this session and infrastructure are germane to our future existence and growth as a country, so are the other sessions particularly the plenary sessions.
The first session “Nigeria’s Turning Point” will focus on the agreement that the framework we have used in the last 60 years cannot be said to have delivered the desired economic development outcomes and as such the need for a different approach. This approach will be a new synergy or partnership between the Sub-Nationals and the private sector particularly on how the endowments and potentials of the sub-nationals can be better explored and managed by the private sector. Like the session on Empowering the Sub-Nationals, the panel members for this session will include two very important state governors and two very influential private sector leaders with immense impacts on our daily lives.
Just as COVID-19 has suddenly disrupted economies and businesses, so is the search for effective leadership to manage and proactively lead in these uncertain and challenging times especially with our escalating socio-economic challenges. This the focus of the third plenary session. Titled “Leadership in a Time of Crisis”, it is a session with an interrogation inclination to examine the kind of leadership we need in a turbulent environment and uncertain times we are in. It will examine and identify the strategic approaches that our leaders can use in building sustainable and resilient organisations and nations.
To further provide more details on the partnerships, broad-based inclusive policies and actions, commitments and investments required is the session on “The Unfinished Business: Meeting the SDGs by 2030”. Given that the achievement of the 17 Sustainable Development Goals (SDGs) will depend on the strategic decisions of our leaders, this session will identify key actions that should be pursued, and progress required in advancing the three pillars of the SDGs.
Related to the pursuit of SDGs is a special session titled “Women in Leadership: Towards the Global Goals”. Driving mainly from the appreciation of the unquestionable positive impacts of our mothers and sisters in domestic, national and global developments, this session will examine and provide implementable suggestions to further empower women. It will focus on how to significantly reduce or eliminate factors of inequality, poverty, insecurity that constrain progress to gender equality and empowerment of women for higher participation and leadership in both public and private sectors. With many other sessions, the concluding one will be the plenary session on “The Path to Recovery” to clearly itemise urgent and lasting actions required not only to rescue Nigeria from recession and vagaries of COVID-19 but also usher in a coherent strategic plan for a sustainable and inclusive Nigeria.
Due to seriousness attached to this session, the panel is made up of members with the highest reach and impact on our society- a strategically important state governor and minister, a central figure in the management of our economy, an immensely influential private sector leader and a renowned international scholar and economic development expert. With the array of sessions and patriotically thinking speakers for the NES 26, it is indeed a platform and opportunity that should not be missed. It is a summit for forward guidance for the private sector and anybody interested in the future of our dear nation, Nigeria!
Dr. Ngwu, is an Economist/Associate Professor of Strategy, Risk Management & Corporate Governance, Lagos Business School and a Member, Expert Network, World Economic Forum. E-mail- [email protected]
