The Nigerian Economic Summit Group (NESG), an economic think tank has called on the federal government to intensify its actions towards achieving rapid economic growth and recovery.
Asue Ighodalo, chairman, NESG, stated this at the inauguration of the joint planning committee for the 27th Nigerian Economic Summit (NES#27) held recently.
In his address, he said that the state of the Nigerian economy currently laced with increasing unemployment, pervasive insecurity and dwindling investments in critical sectors raises concerns for anticipated growth.
He added that government at all levels must intensify efforts to address challenges of insecurity and other social vices, especially as a secure environment is a pre-condition for economic growth, job creation, and poverty reduction.
“ It has become essential for the country to adopt a different approach with a profound sense of urgency; in finding workable measures and concerted action towards achieving economic growth and national security,” he said.
The chairman also disclosed that preparations are ongoing for the 27th Nigerian Economic Summit (NES#27) themed Securing our future: The fierce urgency of now.
Speaking on the upcoming annual Nigerian Economic Summits, Ighodalo said the event provides a platform through which the government engages with the private sector to discuss economic realities and proffer reform strategies that are critical for the advancement and growth of the Nigerian economy.
“This 27th Nigerian Economic Summit will present a platform for stakeholders to highlight Nigeria’s core socio-economic vulnerabilities and the associated risks to come up with solutions that alleviate these vulnerabilities while exploring potential opportunities and priorities that will accelerate economic development,” Ighodalo stated.
Clem Agba, Minister of State, Budget and National Planning, said that the Summit strengthens the private and public sector relationships, and provides a platform for effective partnership.
He added that the conclusions and recommendations of the 26th Nigerian Economic Summit have been forwarded to the cabinet office and will soon be deliberated on by the Federal Executive Council.
He added that the government is on the verge of completing the Medium and Long-term National Economic Development Plan which will serve as a successor plan to the long-term National Vision 20:2020.
“The summit will galvanize stakeholders to commit to a sustainable economy and agree on a compact that compels stakeholders to ensure key recommendations are urgently implemented,” he said.
The minister announced David Adeosun and Ijeoma Taylaur as co-chairs and representatives of the Public and private sectors respectively
He stated that the Joint Planning Committee for the 27th Nigerian Economic Summit is saddled with the responsibility of reviewing the report of the NES26, make preparations for NES27, articulate budgetary requirements, prepare a report of the summit and undertake any work that may lead to the success of the summit.
The first Nigerian Economic Summit (NES#1) was held from February 18-20, 1993, since then it has become an annual dialogue in partnership with the Federal Government of Nigeria and has provided a credible and widely recognized platform for forging understanding and consensus on the national economic policy direction and growth strategies.