The Nigerian Economic Summit Group (NESG) has earmarked over N11 million to support Small and Medium Enterprise start ups in Nigeria.
Asue Ighodalo, chairman, Nigerian Economic summit group disclosed this in Abuja on Monday stating that the summit (NES#25) which will mark a critical strategic shift towards a regionally and globally competitive private sector economy will feature the start-up pitching event to encourage start up business with technical and financial support.
He said “This summit will feature the 3rd edition of the start-ups pitching event which is an initiative of the NESG to encourage start-up businesses with technical and finance support, The top three applicants will be presented with prizes as capital to grow their businesses in addition to free technical advisory services from top consulting and law firms”.
Ighodalo speaking further said that encouraging a competitive private sector economy is critical to achieving a rising standard of living and economic prosperity needed to cater for the Nigeria’s demographic explosion as projected at over 400 million by 2050 by the United Nations.
“It is critical for industry leaders and policy makers to convene and chart a realistic way forward to achieve our desired goal of economic growth, competitiveness and inclusive development that will adequately respond to the changing dynamics in our society between now and 2050”.
He stressed that the importance of the summit cannot be overemphasized as it has provided a platform for impactful public-private deliberations essential to the progress made in the Nigeria economy.
Zainab Shamsuna Ahmed in her remark said that the summit has over the years provided timely opportunity for a national economic review and created a consensus among all Nigerians on the need to ensure that Nigerians take advantage of the opportunities that exist to increase productivity and ensure sustainable human and economic development.
The minister stressed that the theme of the Summit, “Nigeria 2050: Shifting Gears” emphasize the imperatives for the country to move to a more robust competitive private sector economy considering the implication of the projected population of the country hitting over 400 million by 2050 with 65 percent of the population under the age of 35.
“This year’s Summit would be setting a new agenda for Nigeria to key into the 4th Industrial Revolution as the Summit Sub-themes will focus on achieving rapid industrialization, transforming education and managing demography”.
“There is need to ensure a modern and well-regulated financial sector that turns savings into productive investments, advance research, development and technology, promote economic activity in manufacturing, services, agriculture and natural resources that are viable and plugged into global value chains”, she said.
She further stressed that the government has taken steps towards making the country investment friendly, competitive and address constraints to businesses and increase local content to support the diversification efforts through the Presidential Enabling Business Environment Council (PEBEC).
“Government is working towards launching a broad range of sector–specific activities to attract investment and drive growth through improving regulatory efficiency. In this respect, the Solid Mineral Development Fund (SMDF)is being refocused to de-risk value chains in the mining sector and diversify national income streams”.
She reiterated that the greatest challenge facing government is inadequate revenue to execute the numerous projects and other initiatives it intends to implement. New sources of revenue is being identified and enhanced. Coordination and cohesion among revenue generating agencies, is being improved.
According to the minister, preparation for the 25th Nigerian Economic Summit which scheduled to hold from October 7 – 8, 2019 at the Transcorp Hilton Hotel, Abuja has reached an advanced stage.
Cynthia Egboboh, Abuja
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