The Nigerian Economic Summit is a three day annual event jointly organized by the Federal Government, represented by the National Planning Commission (NPC), and the private sector, represented by the Nigerian Economic Summit Group (NESG).

The Summit has become the largest and most important annual, economic forum for policy makers, captains of industry and experts and other stakeholders from the public and private sectors of the Nigerian economy.  The forum also serves as a platform for the participants to deliberate on the strategy for deepening growth and development, through the creation of a conducive environment for good governance, private sector investment and sustainable private sector-led economic growth and development.

Over the past seventeen years, the Summit has contributed immensely to strengthening the relationship between the public and the private sectors, on issues critical to the socioeconomic development of the country.  One key outcome of the previous Summits is the Policy Commissions’ which were established to facilitate the formulation and implementation of the Summits’ recommendations.  As a result, the annual Summits have played a critical role in the emergence of Government policies since the first Summit over sixteen years ago.  It is reassuring to note, that the economic transformation blueprint of the Federal Government, tagged Nigeria’s Vision 20:2020 is a manifestation of that process.

This year’s Summit is very unique, given that it represents, the first major interaction of local and global business communities on the Nigerian soil, since the assumption of Office of His Excellency, President Goodluck Ebele Jonathan, following globally acclaimed free elections in April 2011.  The Summit will take place from November 10 – 12, 2011, at the Transcorp Hilton Hotel, Abuja.

The theme of the Summit, which is “Attracting Foreign Direct Investment through Global Partnerships” is quite apt and timely.  This is also consistent with the aspirations of Mr. President’s Transformation Agenda and Nigeria’s Vision 20:2020, which seek to address the challenges impeding our ability to fully harness the abundant human and natural resources of the country.  This year’s Summit is therefore expected to create a suitable platform to showcase the abundant possibilities within Nigeria’s economic system and the opportunities that exist to forge global partnerships between local and foreign investors.

Following the successful conduct of last year’s Summit, the key recommendations arising from that Summit were formally discussed and approved by the Federal Executive Council (FEC) in December 2010. The Federal Government also took steps to ensure that the Federal Ministries, Departments and Agencies (MDAs) implemented those aspects of the Summit recommendations that related to their mandates and also rendered necessary reports.

The 17th Summit has been structured to include a Presidential Policy Dialogue involving His Excellency, President Goodluck Jonathan and Global Chief Executive Officers (CEOs) of the world’s largest corporations from Europe, Asia, the Americas, the Middle East and Africa. Other sessions will focus on Nigeria’s Place in the Global Economy, as well as Nigeria’s Economic and Investment Agenda. These sessions will feature Chief Executive Officers of leading Corporations and Multilateral agencies. Some State Governors are expected to make presentations on investment opportunities in their States, while a number of Ministers will make sectoral presentations.  There will also be plenty of opportunity for side meetings, among investors, local partners and top government officials.

This year’s Summit theme, is clearly a call to action. With a GDP growth rate of 7.85% for 2010 and 7.72% for Q2 of 2011, Nigeria is at a point, in its history, where it should attract more global investors that will undertake the necessary investments that will boost every sector of the economy, and create more jobs and wealth for the people.  There is a global understanding now, that Africa in general and Nigeria in particular are the new investor’s heaven.

More recently, the investment bankers, Morgan Stanley, have predicted that by the year 2025, Nigeria’s economy would overtake that of South Africa.  It would also be recalled that, about 5 years ago the investment bankers, Goldman Sachs had predicted that Nigeria, along with the other 10 countries that they designated as the next 11 (NII), would show the same rapid growth characteristics that the BRICS are exhibiting today.

There are many other strong indications that the global community has renewed its confidence in Nigeria. This gives us the incentive to intensify the implementation of Mr. President’s Transformation Agenda, which seeks to achieve a fundamental transformation of the Nigerian economy. We will use the NES17 Summit to create the necessary momentum and galvanize international investor support that will boost the Nigerian economy.  The NES17 is expected to be a window for investors to leverage the vast business opportunities arising from our infrastructure deficits and the strong commitment by the current Administration to carry through ongoing reforms across all sectors of the economy.

The Summit will focus on Nigeria’s competitiveness and what is needed to systematically improve our relatively poor ranking in this and similar indices, progressively, over the next four years. The gathering will also discuss and agree on what policy changes are necessary to attract strong global investors, what actions will make people leave their country to make things happen in ours, what opportunities will be too difficult to ignore, what incentives will attract the right technology and skills; what changes will work for our mutual benefit and what disincentives must be expunged from our economic system.

The technical sessions of the Summit have been designed to allow for robust discussion of all the issues that are critical to the achievement of Mr. President’s Transformation Agenda.  On our part, the Government will ensure that the public sector is well represented at this year’s Summit.  I trust that the scope of representation of the private sector is also being broadened to reflect other key arms of the organized private sector and civil society organizations.

BEING ADDRESS BY DR. SHAMSUDDEEN USMAN, OFR,  HONOURABLE MINISTER/DEPUTY CHAIRMAN OF NATIONAL PLANNING, ON PREPARATIONS FOR THE 17TH NIGERIAN ECONOMIC SUMMIT.