27th Nigerian Economic Summit to Discuss Securing Our Future: The Fierce Urgency of Now

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Friday, July 30, 2021 / 6:03 AM / NESG / Header Image Credit: Facebook; Nigerian Economic Summit Group


The public sector represented by the federal ministry of Finance, Budget and National Planning and the organized private sector represented by the Nigerian Economic Summit Group (NESG) recently announced the theme for the 27th Nigerian Economic Summit "Securing our future: The fierce urgency of Now" while inaugurating the Joint planning committee for the 27th Nigerian Economic Summit (NES#27).


While welcoming participants to the event, the Chairman of the NESG, Mr. Asue Ighodalo said that the annual Nigerian Economic Summits have been sustained by the public-private dialogue between the Nigerian Economic Summit Group (representing the private sector) and the Federal Ministry of Finance, Budget and National Planning (representing the Federal Government of Nigeria) and is the most prominent platform through which the federal and state governments interact with corporate leaders and discuss Nigeria's national and sub-national economic realities to co-create reform strategies that are critical for the advancement and reform of the Nigerian economy.


Mr. Ighodalo stated that with the present state of the Nigerian economy, increasing unemployment, pervasive insecurity, and dwindling investments in critical sectors, the time is ripe to question the path for securing a long-term future for Nigeria that guarantees every citizen's right to economic, social, political, environmental and physical safety. He reiterated that Governments at all levels must intensify efforts to address challenges of kidnappings, theft, and other social vices, especially given that a secure environment is a pre-condition for economic growth, job creation, and poverty reduction.


In Search  of a Different Approach

The Chairman of the NESG said that with the current state of the Nigerian economy, it has become essential for the country to adopt a different approach with a profound sense of urgency; in finding workable measures and concerted action towards achieving economic growth and national security. "This 27th Nigerian Economic Summit will present a platform for stakeholders to highlight Nigeria's core socio-economic vulnerabilities and the associated risks to come up with solutions that alleviate these vulnerabilities while exploring potential opportunities and priorities that will accelerate economic development", Mr. Ighodalo stated.


Mr. Ighodalo revealed that the NESG, representing the private sector, is currently collaborating with the Federal Ministry of Finance, Budget, and National Planning towards developing the Long-Term National Economic Development Plan, the Nigeria Agenda 2050. He said the 27th NES needed to deepen the trust and collaboration between the public and private sector in enhancing the growth of the Nigerian economy.


The Honourable Minister of State, Budget, and National Planning, Prince Clem Agba in his statement said that Nigeria's inflation rate is showing a downward trajectory despite the challenges faced globally. He stated that the Summit provides a platform for effective partnership, strengthen relationships, and that the conclusions and recommendations of the 26th Nigerian Economic Summit have been forwarded to the cabinet office and will soon be deliberated on by the Federal Executive Council.


Prince Agba said that the government was on the verge of completing the Medium to Long-term National Economic Development Plan which would serve as a successor plan to the long-term National Vision 2020.


Building a Stable Economy

The Honourable Minister said that the summit would galvanize stakeholders to make commitments to a sustainable economy and agree on a compact that compels stakeholders to ensure key recommendations are urgently implemented. He stated that the Joint Planning Committee for the 27th Nigerian Economic Summit is saddled with the responsibility of reviewing the report of the NES26, make preparations for NES27, articulate budgetary requirements, prepare a report of the summit and undertake any work that may lead to the success of the summit. He thereafter announced Mr. David Adeosun and Mrs. Ijeoma Taylaur as co-chairs and representatives of the Public and private sectors respectively.


The first Nigerian Economic Summit (NES#1) was held from February 18-20, 1993. Participants at NES#1 concluded that the private sector must continue the dialogue and cooperate with the public sector. Since that first Summit, the Nigerian Economic Summit Group, a private sector think-tank, and nonprofit organization, has organized the Annual Nigerian Economic Summit in partnership with the Federal Government of Nigeria.


The NES has become an annual dialogue and indeed the flagship event of government and business. The Nigerian Economic Summit has provided a credible and widely recognized platform for forging understanding and consensus on the national economic policy direction and growth strategies. Over the past 27 years, national and global policymakers and business leaders have acknowledged that the annual NES is the premier platform for public-private dialogue in Nigeria.

 

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