Economic summit

Ahead of next week’s annual Nigerian Economic Summit, Vice President Yemi Osinbajo, has said that focusing on few pressing national issues should be the objective of the meeting this year.

He said on Tuesday in Abuja that, “sometimes we talk about a lot of important things, but there are pressing, immediate things with significance for the future,”.

Osinbajo told a delegation of the Nigerian Economic Summit Group (NESG) who met with him today at the Presidential Villa.

The NESG team briefed the Vice President on the agenda, particularly the theme of the 28th Nigerian Economic Summit (NES), ‘2023 and Beyond: Priorities for Shared Prosperity’, scheduled for the 14th and 15th of November, 2022.

 “I am always concerned we don’t allow very many issues to obscure the more important issues that confront us today so that we leave the Summit with a clearer view on how we can resolve the pressing issues.”

Continuing, the Vice President said “for example, how do we tackle the rising inflation and the exchange rate instability? I really think we should spend more time focusing on the primary issues of inflation and exchange rate control.”

Stating the significance of the private sector’s perspective to macroeconomic issues, the VP said “it is very important to always note what you (private sector experts) think are the main concerns today especially about macroeconomics and how to deal with the issues. What the private sector thinks about how we can resolve some of these issues is important.”

Acknowledging the contributions of the NESG to economic development over the years, the VP said “I strongly believe in the objectives of the NESG, it has contributed a lot to how the public sector thinks through policies and has provided that forum for public sector accountability.”

“The NESG has also been very useful in educating the private sector about the processes of running a complex system such as the one that we have. It has been a very useful synergy between the public and the private sector,” the VP added.

In his remarks, Chairman of the NESG Board, Mr Asue Ighodalo, who led the delegation, commended the Vice President’s coordination that produced great results in the ease of doing business, noting that “you have done a fantastic job on ease of doing business, regardless of the challenges that we are confronted with today.”

He reiterated the commitment of the group to collaborate more with the public sector and expressed optimism that despite the challenges, “this government can still do much more before it leaves. At the NESG, we believe that the next six months are very critical.”

The 28th NES will feature President Muhammadu Buhari, the VP and other leaders from the public and private sectors, sharing thoughts on visionary leadership and inclusive growth, among other topics.

President Muhammadu Buhari at the National Economic Summit reported that the Federal Government was responding to the challenges and opportunities of the moment by articulating forward-looking policies and strategies to achieve national goals.

Laolu Akande, Senior Special Assistant to the President on Media and Publicity, Office of the Vice President, communicated this in a statement on Monday in Abuja.

The statement said the president, represented by Vice President Yemi Osinbajo, delivered a virtual address at the opening of the 27th Nigerian Economic Summit.

The theme of the summit is, “Securing our Future: The Fierce Urgency of Now.’’

Buhari said said in order to tackle existing problems and at the same time benefit from domestic and global trends, stakeholders both in the public and private sectors must take timely actions and immediate steps.

Buhari emphasised on the imperative of the theme of the summit, saying the theme is compelling as it stresses the importance of taking timely action to tackle existing problems while at the same time, taking immediate steps to cope with or benefit from domestic and global trends.

According to him, growth figures are meaningless if they do not translate into good-paying jobs and improved standard of living for our people.

“The question, of course, I insist, that must be answered regarding all our policies, is what do they mean for the creation of wealth and human capacity development?

“The new plan incorporates aspects of the National Poverty Reduction with Growth Strategy which was articulated as a guide towards achieving our poverty reduction target.

“The starting point for the implementation of the Strategy is the realisation that increased employment is an indispensable tool for reducing poverty.

“The Federal Government is responding to the challenges and opportunities of the moment by articulating forward-looking policies and strategies and implementing a coherent, clear and consistent set of actions in order to achieve our desired objectives.’’

The president said that the broad objectives of the new medium-term National Development Plan are to diversify the economy, invest in critical infrastructure, build human capital and improve governance and security.

He said that the intention was to achieve broad-based and inclusive GDP growth in order to create 21 million jobs and lift 35 million people out of poverty by 2025.

“This ambitious but realisable target is consistent with government’s vision of lifting 100 million Nigerians out of poverty in a decade.

“The shock caused by the pandemic which is still very much with us was that Nigeria as a developing economy is striving to become a digital economy so that we can leapfrog into the Fourth Industrial Revolution.

“As if this is not challenging enough, we are also required as a good member of the international community to take steps to mitigate and to adapt to climate change.

“This is not a simple matter if we bear in mind that we are reliant on oil and gas for revenues and export earnings and yet reduction of the use of fossil fuels is the frontline strategy needed for achieving net-zero carbon emissions by 2050.”

President Buhari listed some of the interventions by government which he said are yet to manifest.

He said, however, that there are still much more work to be done, especially in the context of our stated priorities to reduce poverty and unemployment.

Buhari said that the Economic Sustainability Plan (ESP), adopted in response to the economic crisis caused by the pandemic, was centered on tackling and reducing the COVID-19 caseload, restoring growth, protecting and creating jobs, rescuing businesses, and reducing social vulnerabilities.

“These were in addition to the priority actions that were already being taken in the Economic Recovery and Growth Plan to invest in social and human capital, build power, road and rail infrastructure and improve the business environment,’’ he said.

He listed achievements in MSMEs space through the Survival Fund, adding that support is being given to exporters through the Export Expansion Facility Programme.

Buhari also listed the labour intensive interventions in agriculture, housing and solar power installations which are still ongoing.

On her part, the Minister of Finance, Budget, and National Planning, Hajia Zainab Ahmed, commended the partnership with the Nigerian Economic Summit Group over the years.

Earlier in his remarks, the Chairman of the Nigerian Economic Summit Group, Mr Asue Ighodalo, urged all stakeholders to support the Federal Government in securing the future of Nigeria.