The Nigerian Economic Summit Group (NESG) has stressed on the need for reforms in the Nigerian political, policy, and regulatory systems to improve the lives of Nigerians, reduce poverty, and increase foreign direct investment (FDI) inflows.
Niyi Yusuf, the chairman of NESG stated this at the NES#30 press conference in Abuja on Friday. According to him, Nigeria in the next five years, has the potential to become a leading industrializing nation in Africa if relevant reforms are adopted.
He noted that global instability, regional volatility, and national socioeconomic uncertainty demand that the country take bold and decisive steps to achieve its desired growth and development.
“Our theme for this year’s Summit: ‘Collaborative Action for Growth, Competitiveness, and Stability’, emphasizes that now, more than ever, we must embrace a business-unusual approach, innovative governance, and transformational political leadership. It is only through collaborative action between government, business, and civil society that we can unlock Nigeria’s vast potential. Despite these challenges, the potential of our country is clear.
“In the next five years, Nigeria has the potential to become a leading industrializing nation in Africa. We can reform our political, policy, and regulatory systems, unlock local content development, foster sub-national economic diversification, and create a globally competitive business environment. By doing so, we will improve the lives of millions of Nigerians, reduce poverty, and increase foreign direct investment (FDI) inflows into the continent,” he said.
The chairman who was represented by Ufot Udeme, Chairman, 30th Nigerian Economic Summit (NES#30) Media and Publicity Subcommittee noted that Nigeria currently faces unprecedented economic challenges and social discontent underscoring the urgency to rethink and redesign its systems to address underlying structural issues.
He decried that one of Nigeria’s pressing concerns is translating economic growth into improved lives and livelihoods of all its citizens.
“Our businesses and citizens are under massive pressure from rising costs, inflation, and a struggling economy. We are also contending with significant security challenges, exacerbated by the devastating effects of climate change, leading to humanitarian crises that have displaced millions,” he said.
In his remarks, Abubakar Atiku Bagudu, the Minister of Budget and Economic Planning, noted that the government’s partnership with NESG in the past 29 years has become a model for Public-Private-Partnership (PPP) and provides a credible and widely recognized platform for top policymakers and corporate leaders to interact and exchange ideas on contemporary socio-economic challenges to proffer enduring solutions for policy action.
According to him, the annual economic summits have helped to shape many of the reform policies that have underpinned the nation’s development aspiration and economic growth strategy over the past twenty-nine years.
He said, “The theme of the 30th Nigerian Economic Summit which is scheduled to be held from October 14-16, 2024 is ‘Collaborative Action for Growth, Competitiveness and Stability’, builds on the conversations from the 29th Summit. The theme was carefully chosen to discuss priorities for addressing the current economic challenges, stabilizing the economy and repositioning Nigeria on the regional and global stage, focusing on product complexity and competitiveness, with a view to the realization of the country’s enormous potentials.
“It will also focus on Nigeria’s leadership role in driving the continent’s transformation through institutions, investment, integration, industry, and innovation. The Summit discussions will be designed around five Sub-Themes, namely; Fostering Inclusive Development; Unleashing Business Dynamism; Building a More Secure Society; Igniting Innovation and Digital Evolution and Promoting Stakeholder Collaboration.
“The Summit is structured into three key thematic pillars: People, Leadership and Institutions. This will form the foundation for the NES #30 Agenda, ensuring all sessions address critical issues that form the focus of the Summit Theme. This is consistent with the 8-Priority Areas of the current Administration, the National Development Plan, 2021-2025 and the Nigeria Agenda 2050.”
Representing the minister, Emeka Vitalis Obi, the permanent secretary the Ministry of Budget and Economic Planning said that achieving sustained growth was key to the eradication of poverty in the country.
He added that the Tinubu-led administration is on course to achieving this by making bold and courageous decisions that will ensure macroeconomic stability, and social inclusion, promote productivity and competitiveness.
According to him, the private sector will be the engine of growth of the economy, while the government will implement policies and regulations that promote favourable business environment to achieve high rate of investment and savings
