NESG

Abuja, Sept. 29, 2023: The Nigerian Economic Summit Group (NESG), says strategic efforts are in place to galvanise actions that will address high unemployment and minimise brain drain in the nation’s economy.

Ms Amina Maina, the Chairperson, Central Organising Committee at the NESG 29th Summit (NES 29) said this in a statement on Thursday in Abuja.

Maina added that the forthcoming NES 29 would explore the subject as a sub-theme to observe the emigration of highly skilled professionals, which deprived Nigeria of valuable human capital assets.

“Issues around high levels of youth unemployment has hindered the utilisation of human capital, thereby contributing to economic underperformance, will also be spotlighted.

” Wherever you go around the world, you hear that the best people whether in education, healthcare, the financial industry or even in infrastructure, are Nigerians.

” We must find a way to keep and retain our best brains in the country.

“We hope that at NES 29, the private sector community will be able to give us bold ideas, which will be a way of turning things around,” she said.

The chairperson, also added that the summit would enable stakeholders to brainstorm on measures to reduce unemployment rate, ensure youths were gainfully employed and have something to look forward to.

”We desire to use the human capital we are blessed with to put Nigeria back on the trajectory where it should be.

” We should be able to take our place amongst the comity of nations because we do have the best and brightest and with the right system, we can retain them back home,” she said.

She said that the theme for the NES 29 summit, ‘Pathways for Sustainable Economic Transformation and Inclusion’, was aimed at 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,” she said.

Lagos, Sept. 27, 2023: The Nigeria Economic Summit Group (NESG), says industrial food fortification is a critical strategy for addressing micronutrient deficiency in Nigeria.

Mr Dianabasi Akpaninyang, Thematic Lead, Input and Distribution Thematic Group, Agriculture and Food Security Policy Commission, NESG, said this during the group’s visit to Dangote Salt, on Tuesday in Lagos.

The third party advocacy campaign visit on food fortification and workforce nutrition to NASCON Allied Industries Plc, producers of Dangote salt, was done in collaboration with the Civil Society Legislative Advocacy Centre, and eHealth Africa.

Akpaninyang said, “Micronutrient deficiency is a major public health problem in Nigeria, affecting millions of people, especially children and women.

“It has led to a range of health problems, including stunting, anemia, and blindness.

“So, we are here to raise awareness of the importance of industrial food fortification among businesses as well as provide technical assistance to businesses, to help them implement industrial food fortification programmes.”

Akpaninyang said that the visit was also to raise awareness on the importance of micronutrient deficiency and to advice on effective strategies for addressing it.

He urged the company to promote workforce nutrition among staff members, adding that a well-nourished workforce was essential for economic growth and development.

He said that workforce nutrition could reduce absenteeism, improve workers productivity, reduced healthcare costs, increase employee morale, among others.

He urged the company to ensure its workers ate food fortified with essential vitamins and minerals.

Earlier, Mr Danjuma Musa, Quality Assurance/Control Head, NASCON Allied Industries Plc, said that Dangote salt was fortified with iodine that would help the growth and development of the human body.

He said, “Let me start by saying that salt that is produced in Nigeria must be fortified; so all our salt, irrespective of the end user, is fortified with iodine.

“Fortification of salt with iodine is a safe and effective way to prevent iodine deficiency.

“Dangote salt is fortified with iodine at the recommended and specified level, making it a good choice for people who are looking to improve their iodine intake.”

Musa said that Iodine fortification of salt was a mandatory requirement in Nigeria, adding that the National Agency for Food and Drug Administration and Control has established a standard for the iodine content of fortified salt.

According to him, the Dangote salt must comply with this standard to sell it salt in the country.

He urged consumers to buy and use only Dangote salt saying It is widely available and affordable for everyone and it is also known for its high quality.

The Human Resource Manager, Dangote salt, Mrs Helen Omoba, said that the company had implemented a fortified meal plan that would benefit their employees and the company.

She said,” we have educated our employees about the benefits of a fortified diet.

“We have explained to them how fortified meals can help them to improve their health, productivity, and overall well-being.

“That is why we came up with a fortified meal plan for them, eventhough some of them don’t follow the plan.

“We have also provided our employees with a budget to purchase fortified meals at the end of every month among other things that we are doing for them, and they are happy.”

Abuja, Sept. 11, 2023: The Nigerian Economic Summit Group (NESG) has anchored its 29th summit (NESG 29) on pathways for sustainable economic transformation and inclusion.

Mr Yinka Iyinolakan, Head, Strategic Communications and Advocacy, NESG, in a statement on  Sunday in Abuja, said the summit, scheduled for Oct. 23 to 24, will enhance the economic agenda setting of the government.

He said this was in line with the governments’ 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.

He noted the current challenges of unemployment, income disparity, and multidimensional poverty, adding that the summit would enable stakeholders’ strategies on transforming the nation’s economy.

“These challenges are worsened by an uneven allocation of resources, macroeconomic instability, and institutional deficiencies.

” Data from the National Bureau of Statistics (NBS) in 2022 revealed that approximately 62.9% of the population live in multidimensional poverty, threatening the development of a vibrant middle class.

” With population growth outpacing poverty reduction, Nigeria’s current trajectory highlights the critical need to prioritise long-term development and shared prosperity,” he said.

Iyinolakan, however, expressed optimism that the current administration’s 8-point agenda with reference to the World Bank’s forecast of an average annual economic growth rate of 2.9 per cent for the country between 2023 and 2025 will impact positively in the country.

He said: “Technological advancements and their increasing adoption offer glimpses of what can be achieved with the proper mechanisms.

” The change in political leadership also brings the opportunity for fresh ideas and the rectification of economic policies that have weakened the fiscal system.”

He, therefore, advocated constructive dialogue that incorporated the ideas of stakeholders to achieve sustainable economic development.

Abuja, Sept. 1, 2023: President Bola Tinubu said he would continue to support a robust public-private sector partnership for economic growth in Nigeria.

He also said that his administration’s sustained, bold and coordinated reforms are anchored on a “strong adherence to accountability and transparency.”

Tinubu, who hosted members of the Board and Management of the Nigeria Economic Support Group (NESG) on Thursday in Abuja, expressed commitment to fully implement the eight priority reform areas under the Renewed Hope Agenda within the next three years.

He said that Nigeria is blessed with rich human and natural resources, as well as deficit opportunities, which could be quickly leveraged into new prosperity.

He called for the urgent exploitation of Nigeria’s diversity for collective gain, with an eye on new think tanks in the agricultural sector and establishment of a commodity exchange.

‘’We have an abundance of knowledge and untapped mineral resources, and an agricultural sector that is God-given. We tend to shy away from taking those gigantic steps that will result in prosperity for our people.

‘’We are not exploiting our diversity for prosperity. We are at each other’s throats, arguing about unnecessary things, instead of thinking and doing for our people,” he said.

The President said he was elected on a “no excuses” platform for renewed hope, adding that he would not accept excuses from anyone in delivering on his agenda.

“I don’t see why Nigeria will be so blessed with good soil and not have a commodity exchange. I don’t see why we have not been able to interrogate our real estate sector and propel it.

“I don’t see why we have not used consumer credit to build the purchasing power of our people and the capacity of our very own manufacturing sector,” the President said.

While commending the NESG for believing in the reforms of his administration, Tinubu said the “bitter pill” must be administered to build a better future for the country.

“I am here and I believe we can do it together. No single person succeeds alone. The world is dynamic. We are confronted with climate change and other challenges.

‘’Somewhere in the eye of the storm, there is a quiet and peaceful corner for those who can toil well. With patience and determination, we will succeed,” the President assured.

The Chairman of NESG, Mr Olaniyi Yusuf, welcomed the various economic reforms announced by the Tinubu administration since assumption of office in May.

He mentioned some as the fuel subsidy removal, foreign exchange rate harmonisation, food security and palliatives to sub-national governments.

The NESG Chairman pledged that the group would work with the newly inaugurated cabinet to achieve the eight-point agenda of the administration.

“Your track record in the effective implementation of bold economic reforms as the Governor of Lagos leaves those of us in the private sector without doubt that you will achieve much greater feats as our nation’s president,” Yusuf said.

He requested the President to declare open the NESG Summit in October, and to direct Heads of Ministries, Departments and Agencies (MDAs) to partner with them and participate fully at the Summit as part of efforts to ramp up local and foreign direct investment.

Dr Tayo Aduloju, Chief Operations Officer (COO), Nigerian Economic Summit Group (NESG), says investing in the 3Cs of coordination, cooperation and collaboration would grow membership and guarantee expansion of organisations.

Aduloju, also Senior Fellow, Economic Policy, Strategy and Competitiveness, NESG, said this at the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) membership summit on Thursday in Lagos.

The event had as its theme: “Unlocking the power of membership economy”.

According to the NESG COO, investing in the 3Cs is critical to build members for life in the face of the changing nature of membership landscape.

“The coordination arm of the 3Cs would help provide oversight, set strategic direction and decision making and help with corporate performance and control.

“The cooperation arm addresses co-production of products and services with members and communities, co-creation of projects and initiatives that are member-led and employee enabled.

“While collaboration enables shared ownership of goals, builds listening and active feedback loops and empowers communities and networks to learn faster together,” he said.

Aduloju stated the need to join a membership economy, saying the benefits included the creation of new knowledge and shared problem solving to fulfill individual or organisational goals.

He said membership economy could be expanded to influence governance in both public and private sector domains to drive economic growth and development.

He, however, emphasised the need for membership organisations to massively invest in technology and digital tools to keep members engaged and be abreast with recent developments.

“Obtaining an in-depth view of the characteristics of current and future members allows organisations to inform the strategy development process in order to stay relevant and operate a sustainable business model.

“Digital tools help segment these audiences, adding a vital strategic layer to activity.

“Without their members, membership organisations would not exist.

“Therefore, they must understand the market they are operating in, keep on top of key industry trends, and respond to the changing behaviours and expectations of their target audiences,” he said.

Mr Gbenga Owokalade, President, ICSAN, reassured of his commitment to grow the institute’s number and delivery value and effective corporate governance practices in both private and public sectors of the economy.

The Nigerian Economic Summit Group (NESG), has urged the Federal Government to reassess and adjust the country’s growth strategy to achieve prosperity for all citizens.

NESG made the suggestion in its 2023 Macroeconomic Outlook with the theme, “Nigeria in Transition, Recipes for Shared Prosperity”.

According to Mr Laoye Jaiyeola, the Chief Executive Officer (CEO) of NESG, 2023 offers a chance to implement effective and efficient reforms that will benefit the entire populace.

“In the NESG Macroeconomic Outlook for 2023, we stressed the importance of reforms in achieving shared prosperity in Nigeria.

“The report outlines the key factors that will support the two specific goals identified, and provides policy recommendations to drive the economy toward a prosperous future for all.

“Nigeria must take advantage of this opportunity to realign its growth strategy and make the necessary reforms to improve the well-being of its citizens and create a more equitable and sustainable future, ” he said.

According to Jaiyeola, in 2022, the global economy faced numerous challenges, including increased political risks, energy and food shortages and the ongoing effects of COVID-19.

“In spite these challenges, Nigeria’s economy sustained its recovery from the recession of 2020 with a 3.0 per cent expansion in real Gross Domestic Product (GDP) during the first three quarters of the year.

“However, this growth was not without its challenges. It was accompanied by increased inflationary pressure, a worsening poverty situation and increased external vulnerability in spite some improvement in the external situation

“Overall, the year 2022 presented a complex and challenging economic landscape for Nigeria, ” he said.

Jaiyeola said that in 2022, the NESG Macroeconomic Outlook emphasised the importance of implementing reforms to sustain economic recovery.

He said that the reforms were meant to address macroeconomic and sector-specific challenges in the country.

He, however, said that, in spite the efforts, the growth experienced by Nigeria did not have significant impact on the standard of living or socio-economic indicators for most of the population.

“This lack of shared prosperity highlights the urgent need for comprehensive reforms that can address the underlying issues limiting the economy’s ability to generate sufficient growth and improve the well-being of the Nigerian people.

“The country’s current socioeconomic indicators requires immediate action to address the structural issues hindering prosperity for all,” he said.

The Nigerian Economic Summit Group (NESG) has commended Vice President Yemi Osinbajo for his coordination of Ease of Doing Business reforms which produced great results.

Osinbajo’s spokesman, Laolu Akande, in a statement on Tuesday in Abuja, said the  Chairman of the NESG Board, Mr Asue Ighodalo, led a delegation of the group on a courtesy visit to the vice president at the Presidential Villa.

The visit comes ahead of the forthcoming  Nigerian Economic Summit(NES) an annual event where the public and private sector stakeholders deliberate on developmental issues.

Asue reiterated the commitment of the group to collaborate more with the public sector and expressed optimism that despite the challenges.

“You have done a fantastic job on ease of doing business, regardless of the challenges that we are confronted with today.

“This government can still do much more before it leaves.

“At the NESG, we believe that the next six months are very critical,” he said.

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

The NESG team briefed the vice president on the agenda, particularly the theme of the 28th NES, ‘2023 and Beyond: Priorities for Shared Prosperity’, scheduled for Nov. 14 to Nov. 15.

 In his response, Osinbajo told the delegation  that there was need to discuss few pressing national issues and immediate things with significance for the future.

“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.

“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.

 “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.”

He acknowledged the contributions of the NESG to economic development over the years.

The vice president said that he strongly believed in the objectives of the NE8SG as it had contributed a lot to how the public sector thought through policies and had 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,” he said.