The Nigerian Economic Summit Group (NESG) has urged the Nigerian government and relevant stakeholders to leverage available resources to stimulate economic recovery.
The think tank, whose 29th economic summit (NES 29) is scheduled to hold from October 23-24, 2023, says by optimising resources, embracing innovation, and enhancing skill acquisition, Nigeria can shore up its domestic and global competitiveness.
Olusegun Omisakin, director of research, NESG, in a statement made available to BusinessDay on Tuesday, emphasised the urgency of attracting domestic and foreign investments into the economy, especially in the infrastructure, education and healthcare sectors.
He explained that this strategy will not only facilitate economic expansion but also generate employment opportunities and drive sustainable development.
According to Omisakin, “Strategic trade expansion in non-oil sectors with a focus on exports will diversify external revenue sources, reduce reliance on the oil and gas industry and elevate Nigeria’s economic complexity on the global stage.
“Additionally, it will leverage the potential of the African Continental Free Trade Agreement (AfCFTA), build resilience against external shocks, and forge a more equitable, inclusive, and sustainable economy that benefits all Nigerians.”
The NESG had earlier announced that the 29th summit would be anchored on ‘Pathways for sustainable economic transformation and inclusion’, in light of the urgency of translating economic growth into improved and sustainable living standards for all citizens.
“This year’s summit theme hints at Nigeria’s potential for sustainable development, leveraging innovative policies, robust institutions, strategic infrastructural investments, and human capital development,” he said