News

July 10, 2024

NESG’s annual summits shape govt policies, devt planning – Minister

NESG’s annual summits shape govt policies, devt planning – Minister

….30th NES Joint Planning Committee inaugurated

By Gabriel Ewepu

ABUJA – AHEAD of the 30th Nigerian Economic Summit, NES #30, the Minister of Budget and Economic Planning Senator Abubakar Atiku Bagudu, Tuesday, commended the annual summits organised by the Nigeria Economic Summit Group, NESG, which had shaped government policies and development planning.

Bagudu gave the commendation at the formal inauguration of the Joint Planning Committee, JPC, for the 30th Nigerian Economic Summit, NES #30, at the headquarters of the Ministry in Abuja.

The theme of the NES #30 is ‘Collaborative Action for Growth, Competitiveness, and Stability’, and it is scheduled to hold between the 14th to 16th of October, 2024.

The Summit will catalyse discussions aimed at mobilising leaders to address pressing economic realities. The focus will be on navigating uncertainties and turbulence and fostering an environment that encourages innovation, diversification, and sustainable development.

He said: “As you are aware, the Annual Summit provides a veritable platform for dialogue among policy makers, corporate leaders, organized private sector, civil society organization as well as development partners.

“It also provides the opportunity to strengthen the existing mutual and symbiotic relationship between the Public and Private sector in the overall interest of our dear country.

“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, the Nigeria Agenda 2050 and provided invaluable policy recommendation for the Government.

“The contributions of the Nigeria Economic Summit Group as a worthy partner to the government 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 the JPC for the 30th 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#30 which is being inaugurated today is expected to among others.”

The Chairman, NESG, Niyi Yusuf, in an address at the inauguration of the Joint Planning Committee for the 30th Nigerian Economic Summit, NES #30, pointed out that Nigeria’s pressing concerns is translating economic growth into improved living standards of citizens.

Yusuf also appealed to the Minister of Budget and National Planning, Atiku Bagudu, to present the outcomes of the 29th Nigerian Economic Summit to the Federal Executive Council for consideration and integration into government plans and programmes.

The Vice Chairman of the NESG and Chairman of the NES#30 Anniversary Committee, Mr Omoboyede Olusanya, said that the inauguration of the NES#30 Joint Planning Committee marks the official commencement of preparations for the 30th Nigerian Economic Summit and that the Summit has consistently provided a reputable and widely recognised platform for fostering consensus and mutual understanding on the country’s economic policy trajectory and growth strategies.

Furthermore, Olusanya said that the 30th anniversary presents an opportunity to reflect on a legacy that has played a critical role in promoting Nigeria’s transition to a private sector-led economy and that the journey of strategic innovation and steadfast collaboration is vital for Nigeria’s continued economic development, noting that Nigeria has encountered various economic and political obstacles in recent years, underscoring the urgent need to redesign its systems and address structural issues.

“One of Nigeria’s pressing concerns is translating economic growth into improved living standards for all its citizens. Despite experiencing growth, the country grapples with rising unemployment, income disparity, and multidimensional poverty. These challenges are worsened by an uneven allocation of resources, macroeconomic instability, and institutional deficiencies.

“Moreover, the new government implementation of fuel subsidies and exchange rate reforms in quick succession has had unintended adverse effects, exacerbating existing structural issues. On the flip side, international organisations have applauded the long overdue reforms and have revised Nigeria’s credit rating outlook to positive from stable.

“Furthermore, the twin reform has led to significant improvement in Nigeria’s current account, Federation account allocation and Foreign Direct Investment (FDI) inflows”, he said.

He also noted that the NES has played a crucial role in shaping Nigeria’s economic policies and development strategies over the years and that its advocacy and recommendations have led to significant reforms in the banking sector, telecommunications, maritime and seaports, and the energy sector, among others, noting that each step, from privatising state-owned enterprises to the liberalisation of the telecommunications sector, has moved Nigeria towards a more efficient, competitive, and diversified economy.

The permanent secretary of the Ministry of Budget and Economic Planning, Engr. Nebeolisa Anako, while inaugurating the JPC said that the day marks the commencement of another summit year and that the NESG remains a shining example of collaboration between the government and the private Sector.

Anako also noted that the Summit provides an opportunity to strengthen existing relationships, noting that key outcomes play essential roles in shaping government policies and that the partnership has helped in the development of the National Development Plan 2021 – 2025 and long-term Plan Nigeria Agenda 2050.

He also stated that members of the JPC were carefully selected in terms of interest in the development of the nation and are expected to review the outcomes of #NES29, make preparations for the hosting of #NES30, develop a program of events and timelines, articulate budgetary requirements and propose an optimal strategy for funding.