News

May 18, 2018

FG inaugurates planning committee for NSE#24

Udoma, Japan

Udo Udoma

… says focus will be on changing economic trajectory

By Emmanuel Elebeke

The federal government on Friday inaugurated a Joint Planning Committee for the 24th Nigerian Economic Summit, NES#24.

Udo Udoma

The Summit is scheduled to hold from October 22 – 23, 2018 at the Transcorp Hilton Hotel, Abuja.

Inaugurating the committee, the minister of Budget and National Planning, Sen. Udoma Udo Udoma, said the expectation of the 24th Nigerian Economic Summit is to bring together stakeholders in government, business, politics, civil society, international organisations and academia to continue the work towards the transformation of the Nigerian economy to ensure that we place Nigeria on the path of diversified, inclusive and sustainable growth as set out in the Economic Recovery and Growth Plan.

He also said that part of the guiding principle of the economic summit would be to cause a fundamental change in the trajectory of our economic development through innovative ideas from economic experts and captains of industry.

‘‘Our expectation is that the 24th Nigerian Economic Summit will bring together stakeholders in government, business, politics, civil society, international organisations and academia to continue the work towards the transformation of the Nigerian economy.

‘‘It must be one aimed at further implementing the economic transformation of our country. And that is the task of the Joint Planning Committee which I am inaugurating today. To organize an economic summit that will deliver on this objective,’’ he added.

NES is organized annually by the Nigerian Economic Summit Group (NESG) in partnership with the Federal Ministry of Budget and National Planning (MBNP).

The annual gathering is a platform for policy makers and captains of industry from the public and private sectors of the Nigerian economy, as well as representatives of the academia, civil society organizations and development partners.

‘‘It provides an opportunity for participants to interact and share thoughts on key issues and challenges facing the Nigeria’s growth and development, with a view to evolving a common strategy and policy framework for addressing them.

‘‘Many of the reform policies that have underpinned the evolution of our economic growth strategy over the past twenty-four years were strongly influenced by debates and deliberations during these Summits thus demonstrating the efficacy of public private partnerships that has evolved in Nigeria during this period,’’ said the minister.

The Joint Planning Committee of the Nigerian Economic Summit is usually co-chaired by representatives of both Public and Private sectors.

It is the highest organ for the Summit planning process and consists of members drawn from the public and private sectors.

According to the minister, the members of the JPC were carefully chosen in recognition of their experience, expertise and passion in the development of our nation and urged members of the committee to deliver a Summit that will meet the expected outcomes and continue the work of placing the economy on a path of diversified, inclusive and sustainable growth as set out in the ERGP.

Part of the key mandate of the JPC is to undertake all preparatory arrangements for the successful hosting of the Summit; to review the report of the 23rd Nigerian Economic Summit; make all preparatory arrangements for the successful hosting of the 24th Nigerian Economic Summit (NES#24), including developing an appropriate theme for the Summit, as well as the agenda/programme of event and timelines for the implementation of the key activities of the Summit.

Other mandates include to articulate the budgetary requirements, and the sources of funds necessary for hosting the summit; mobilize relevant public and private sector stakeholders for the Summit, and undertake any other activity that may lead to the successful hosting of the Summit among others.

In line with the usual practice, the minister said the Joint Planning Committee (JPC) will work under the joint coordination of the public sector, represented by the Ministry of Budget and National Planning and the private sector, represented by the Nigerian Economic Summit Group (NESG), to ensure successful delivery of the Summit.

The other members representing the Public sector on the Committee will be made up of officials of the Office of the Vice President; Office of the Secretary to the Government of the Federation; Office of the Head of Civil Service of the Federation, Federal Ministry of Finance; Ministry of Foreign Affairs; Federal Ministry of Education, Federal Ministry of Industries, Trade 8: Investment; Nigerian National Petroleum Corporation; Office of the Inspector General of Police; Nigeria Investment Promotion Commission; Federal Ministry of Labour and Employment, Central Bank of Nigeria; and Nigeria Governors’ Forum Secretariat.

The 2017 summit, NES #23, titled, “Opportunities, Productivity & Employment: Actualizing the Economic Recovery and Growth Plan” focused on identifying the actions required to deliver solutions that will actualize the Economic Recovery and Growth Plan (ERGP).

Some of the recommendations reached at the Summit, included the need to accelerate the progress being made by the Presidential Enabling Business Environment Council (PEBEC) in the area of ease of doing business.

Others include the need to incorporate the maritime/shipping sector policy framework into the National Transport Policy document, provide tangible incentives to investors such as tax credit and implementation of the “margins of preference”, digitalize government processes in MDAs, as well as the need to streamline the roles of the NCP and the ICRC in approving and regulating concessions and PPPs among others.

So far, the federal government said it has succeeded in implementing a number of the recommendations, among which are the institution of a number of reforms which have improved Nigeria’s rating in the World Bank’s Ease of Doing Business.

‘‘One of the most important reforms we have introduced is the ERGP Focus Labs. We have conducted ERGP Focus Labs in 3 focal areas of Agriculture & Transport, Manufacturing & Processing, power & Gas. The exercise was recently concluded with the Open day, held on Tuesday this week (i.e 15th May) to display the outcomes of the Labs to the public.

‘‘The ERGP Focus Labs, which was promised by the Government at the last Summit, are aimed at identifying and unlocking stranded, as well as new, investments from the private sector by resolving any inter-agency problems that may be hindering investment so as to create jobs for Nigerians.

‘‘All these actions illustrate our commitment to change in a fundamental way the trajectory of our economic development. We will not rest until we deliver on our commitments to the Nigerian people,’’ said Udoma.