The 22nd Nigerian Economic Summit, 22nd NES#, yesterday charged the Federal Government to show renewed commitment in the implementation of the 2016 edition report.
The 22nd NESG#, which made several recommendations as quick solution to the present economic crisis in the country, said that a sure and gradual implementation of the resolutions would steer the country out of its present economic challenges.
The recommendations were contained in its report presented to President Mohammadu Buhari at the end the summit, held in Abuja.
Presenting the report, the NESG Chairman, Mr. Kyari Bukar said the recommendations when implemented would go a long way in proving the government immediate solutions that will save the nation from the economic downturn presently rocking the nation’s economy.
In line with the theme of the summit, the Group after looking into some of the challenges and deliberations over the three days event, presented a five thematic Will termed, The Wills of Progress.
The first thematic Will concerns governance and economic empowerment.
It recommends among others, the sure footedness and clear communication of policies to engender investor and citizen confidence; articulation of a national development plan; identification of the nation’s developmental priorities.
The forum also recommended that government must pursue stable and internally fiscal monitory and regulatory policies to stabilize the economy.
The summit further recommended that public procurements of Made in Nigeria goods and services at local and sub national levels be made imperative with clear and implemental targets. If implemented, it said that the economic fortunes of Nigeria will begin to turn around.
The second thematic Will is on Business Environment. The Group, in the report, observed some difficulties in doing business in Nigeria and also high cost of doing business in the country, notably poor infrastructure and legislations.
The summit recommended that government should provide incentives for made in Nigerian products and tax holidays for innovations.
It went further to recommend that the Small and Medium Enterprises Development Agency of Nigeria, SMEDAN be restructured for greater effectiveness. The report, equally recommends full operation of the proposed Presidential Council on Ease of doing business in Nigeria, the committee having been inaugurated by government. It said that additional resolve and vigorous execution were also required to make the plan work.
The third thematic Will is on Technology and Innovation. According to the report, technology has its competitiveness and productivity with innovation that guarantees relevance in a competitive environment.
Based on this, the Group recommended that government should create industrial parks and clusters for micro and medium scale enterprise as a platform for shared services and infrastructure.
It also recommended provision of infrastructure in key cities with relevant IT infrastructures such as fibre optic connectivity and Wifi that small and medium, scale enterprises can leverage on for their operations.
The 22nd NES# report recommended that implementation of renewable energy solution should be carried out to reduce overall cost of doing business. The group also expressed its support for the proposed Research and Innovation Fund to drive the SME sector.
The fourth thematic Will is on collective behaviour towards Made in Nigeria. It said there is apathy about Made in Nigeria products, lack of policy and deliberate attempt to patronize foreign products.
The group recommended that a brand strategy be for Made in Nigeria products; ensuring choice in procurement processes, legislation and affirmative action initiatives to stimulate desired behaviour.
In this regard, it was of the view that those who patronize Made in Nigeria should be encouraged and sanctions meted out on those who do not.
Another thematic Will was on finance. The group identified finance as the major bane of doing businesses in Nigeria, particularly micro and medium scale enterprises.
In view of this, it recommended affordable financing for SMEs, saying that recurring challenge is sustainability.
It identified with government on the new development finance institutions that will have access to long term capital for SMEs through local banking and financial infrastructure.
It then recommended a review of the 41 list of items banned from importation.
According to the group, the objective of Made in Nigeria can only be realized, when the items that supply raw materials for made in Nigeria goods are delisted.
