Economic Summit Group unveils theme, calls for urgent measures on Nigeria’s future

The Nigerian Economic Summit Group (NESG) has unveiled the theme for the 27th edition of its annual summit scheduled for later this year, according to a statement by Yinka Iyinolakan, Head, Corporate Communications of the NESG.
The statement issued on Wednesday, in Abuja, cited “Securing our future: the fierce urgency of now”, as the theme of the National Economic Summit (NES).
Iyinolakan stated that the summit was a collaboration between the public sector, represented by the Federal Ministry of Finance, Budget and National Planning and the organised private sector represented by the NESG.
While welcoming participants to the unveiling event, the chairman of the NESG, Mr Asue Ighodalo said the annual summits had been sustained by the public-private dialogue between the NESG and the Finance ministry of finance.
“The summit is the foremost platform through which the Federal and state governments engage with corporate leaders and discuss Nigeria’s national and sub-national economic realities.
“It helps to co-create reform strategies that are critical for the advancement and reform of the Nigerian economy,” he said.
Ighodalo stated that given the present state of Nigeria’s economy, increasing unemployment, pervasive insecurity and dwindling investments in critical sectors, the time was ripe to question the path for securing a long-term future for Nigeria.
He added that governments at all levels must intensify efforts at addressing the challenges of insecurity, kidnappings, theft and other social vices.
“A secure environment is a pre-condition for economic growth, job creation and poverty reduction.
“With the current state of the Nigerian economy, it has become critical for the country to adopt a different approach with a profound sense of urgency; in finding workable measures and taking concerted actions towards achieving economic growth and national security.
“This 27th NES will present a platform for stakeholders to highlight Nigeria’s core socio-economic vulnerabilities and associated risks,to come up with solutions.
“Such solutions should alleviate these vulnerabilities while exploring potential opportunities and priorities that will accelerate economic development,” the NESG chairman said.
He revealed that the private sector-driven NESG, was currently collaborating with the Federal Ministry of Finance, Budget and National Planning to develop the long-term National Economic Development Plan, the Nigeria Agenda 2050.
He said it was imperative that the 27th NES deepened the trust and collaboration between the public and private sector to enhance the growth of the Nigerian economy.
Meanwhile, the Minister of state, Budget and National Planning, Mr Clem Agba, in his remarks, assured that Nigeria’s inflation rate was showing a downward trajectory despite global economic challenges.
Agba stated that the Summit provided a platform for effective partnership and strengthened relationships.
He added that the conclusions and recommendations of the 26th NES, held in 2020, had been forwarded to the cabinet office and would soon be deliberated upon by the Federal Executive Council (FEC).
He revealed that government was on the verge of completing the medium and long-term National Economic Development Plan, to serve as a successor plan to the long-term National Vision 20:2020.
The minister said the forthcoming summit would galvanise stakeholders to commit to a sustainable economy and agree on a compact that compelled stakeholders to ensure that key recommendations were urgently implemented.
He stated that the joint planning committee for the 27th NES had been saddled with the responsibility of reviewing the report of the NES26, make preparations for NES27, articulate budgetary requirements and prepare a report while undertaking any other work that might lead to the success of the summit.
He announced Mr David Adeosun and Mrs Ijeoma Taylaur as co-chairs and representatives of the public and private sectors, respectively.
The News Agency of Nigeria (NAN) reports that the first NES held from Feb. 18-20, 1993 resolved that it was imperative for the private sector to continuously dialogue and cooperate with the public sector.
The NESG, a private sector think-tank and non-profit organisation, had since then organised the Economic Summit annually, in partnership with the Federal Government.