….says Tinubu-led administration’s believe in PPP’ll drive success

By Gabriel Ewepu

ABUJA – THE Federal Government through the Federal Ministry of Budget and National Planning, and Nigeria Economic Summit Group, NESG, Monday, partnered and inaugurated the Joint Planning Committee, JPC, for official commencement of preparations ahead of the 29th Nigerian Economic Summit, scheduled in Abuja on the 23rd and 24th of October, 2023.

Speaking at a media conference, the Permanent Secretary, Federal Ministry of Budget and National Planning, Engr Nebeolisa Anako, in a remark pointed out that the NES 29# will be unique based on the caliber of professionals as members of the JPC.

According to Anako, the Summit had in the past contributed to entrenching the culture of development planning in the country.

He said: “The key outcomes of the annual Summits have always played important roles in shaping the policies of Government.

“In particular the Summit had in the past contributed to entrenching the culture of development planning in the country. Most recently the partnership helped in no small measure in the development of the National Development Plan (NDP). 2021 2025 and the Nigeria Agenda 2050.

“The contributions of the Nigeria Economic Summit Group in this regard is well appreciated. I am confident that this partnership will continue to endure going forward.

“In order to ensure effective preparation for the Summit. members of he JPC for the 29th Economic Summit have been carefully selected in recognition of their pedigree, experience and knowledge in organizing previous Summits as well as keen interest in the development of our nation.

“Against this backdrop, the Joint Planning Committee (JPC) for the NES#29 which is being inaugurated today is expected to among others.

“Review the events/outcomes of the 28th Economic Summit; Make al preparatory arrangements for the successful hosting of the 29th Nigerian Economic Summit (NES#29) including developing programme of and timelines for the implementation of the key activities at the Summit; Articulate the budgetary requirements, and the sources of funds for hosting the Summit.

“Propose the optimal strategy for funding the activities of the JPC and the Summit;

“Mobilize relevant public and private sector stakeholders for the Summit, especially at the Federal, State and Local Governments, as well as Development Partners and other key stakeholders;

“Prepare the Green Book for the NES #29, within 3 months of the completion of the Summit; and Undertake any other work that may lead to the successful hosting of the Summit.

“With the two co-chairs who are veterans in the Summit process leading other members in this Committee, I am confident that the outcome of the JPC assignment will lead to a successful 29th Summit. I therefore enjoin you to bring your wealth of experience to bear on this national assignment.”

“It is now my singular honour and privilege to formally inaugurate the joint planning committee for the 29th Nigerian economic summit.”

Earlier, the Chief Executive Officer, CEO, Nigeria Economic Summit Group, NESG, ‘Laoye Jaiyeola, asserted that pessimistic economic outlook for Nigeria from 2023 to 2025, with expectations of only moderate it is projections on economic growth is insufficient to tackle various challenges facing the economy including unemployment and poverty amidst the vast resources the country possesses.

Jaiyeola said NES #28, is themed ‘2023 and Beyond Priorities for Shared Prosperity’.

Jaiyeola said: “Throughout its three-decade existence, the NESG has garnered praise from national and international policymakers and business leaders, solidifying its status as the primary avenue for facilitating constructive public-private dialogues within Nigeria.

“However, as we acknowledge these advancements, we must also confront the harsh realities that our nation currently faces. Weak economic growth, high poverty rates, a rising cost of living, increasing unemployment, and widening income gaps continue to challenge us.

“These economic headwinds indicate that this is no time for a business-as-usual approach to economic governance.

“Unfortunately, various projections indicate a pessimistic economic outlook for Nigeria from 2023 to 2025, with expectations of only moderate economic growth. Regrettably, this level of growth is insufficient to effectively tackle issues such as unemployment, poverty, and other socioeconomic challenges the country faces.

“Nigeria has vast opportunities, given its abundant natural resources and population. However, these physical and human resources should be more utilised, posing significant implications for realising shared prosperity in the nation.

“Consequently, concerted efforts and strategic planning are required to harness these resources effectively, maximise our national competitive advantages and create opportunities for sustainable economic development.Nigeria has long been pursuing structural economic transformation.

“However, the nation’s heavy reliance on crude oil as its primary foreign exchange source has resulted in an unbalanced economy. The crude oil sector remains dominant despite contributing less than 10 per cent to the national output and generating limited employment opportunities.

“From 2013 to 2022, economic growth averaged a modest 2.2 per cent. Meanwhile, the Industrial sector has struggled to develop, contributing only around 23 per cent to the national output and even hurting overall growth during the same timeframe.

“This skewed growth pattern has favoured the Agricultural and Services sectors, which collectively account for over 70 per cent of the national output and have been significant contributors to economic growth in the past decade (2013-2022).

“Regrettably, Nigeria’s slow pace of industrialisation is evident in the sub-optimal manufacturing capacity utilisation, which has stagnated at approximately 50 per cent over the years.

“This situation severely hampers the Industrial sector’s potential to contribute substantially to national output, economic growth, and job creation, leaving the country’s economy imbalanced and unable to capitalise on its potential for sustainable development fully.

“Despite being blessed with abundant oil reserves and holding the position of Africa’s largest economy, Nigeria has paradoxically become home to many of the global poor, surpassing India in 2018.

“Nigeria is plagued with one of the world’s poorest human capital indices concerning education and health outcomes. Apart from facing a substantial health infrastructure gap, the country has witnessed a significant brain drain of medical professionals, exacerbating the shortage of skilled personnel in the healthcare sector.

“This worrisome trend further compounds the challenges in addressing the nation’s healthcare needs and improving overall human development indicators.In the context of a new government administration, there is an undeniable need to reinvigorate our efforts to achieve sustainable economic development.”

Meanwhile, speaking on the 29th Nigerian Economic Summit the NESG boss said this time around it will basically focus on renewed commitment and dedication on how to galvanize the economy.

“The 29th Nigerian Economic Summit is not just an annual event; it represents a call for change, a clarion call for renewed commitment, and a dedicated effort to turn our economy around for the better.

“We gather here today to justify the need for this year’s Nigerian Economic Summit. It seeks to be a pivotal turning point in our nation’s journey towards economic transformation.

“We must address the challenges head-on, engage in frank discussions, and devise innovative strategies to yield tangible results for all Nigerians.

“NES #28, themed “2023 and Beyond Priorities for Shared Prosperity”, galvanised stakeholders to articulate the country’s development imperatives that satisfy the need for economic security, social justice, conscientious governance, political stability and environmental sustainability with the intentional prospect of drawing lessons and insights from the past and present to influence the economic policy agenda.

“NES #29 will now follow up by demanding a transparent and well-thought-through economic agenda with specified implementation steps in purposeful response to the questions and recommendations thrown up at NES #28.

“During NES #28, stakeholders highlighted the importance of removing fuel subsidies and reforming Nigeria’s monetary policy. We commend the administration of President Bola Ahmed Tinubu for promptly taking decisive actions in response to these calls.

“However, it is crucial that we diligently address the potential impact of these policies on the citizens by implementing palliative initiatives and measures to alleviate any adverse effects.

“As the NESG, we reiterate our unwavering commitment to collaborating with the government to ensure that policies are implemented with minimal adverse consequences on the populace.

“Together, we aim to balance necessary economic reforms and safeguard the well-being of our citizens.The NES #29 aims to achieve several crucial objectives.

“Firstly, it will facilitate an open and constructive dialogue that incorporates the views and ideas of all stakeholders.

“Secondly, it will foster an environment of collaboration, where the public and private sectors can work together hand in hand to co-create solutions that lead to shared prosperity.

“Thirdly, it will serve as a platform to present actionable recommendations to the government to formulate effective policies and reforms.

Meanwhile, he commended and expressed gratitude to the Ministry of Finance, Budget and National Planning for their unwavering commitment to the partnership between the Nigerian Economic Summit Group and the Federal Government.

He also tasked the NES #29 Joint Planning Committee on charting a new course for the nation’s economic prosperity, and added that “together, we can shape a brighter future for Nigeria.”