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#NES23 opens with emphasis on PPP and Nigeria’s economic growth

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Tuesday, October 10, 2017 2.30pm/Proshare WebTV  

The 23rd summit of the Nigerian economic summit group focusing on the theme “Opportunities, Productivity and Employment”, opened in Abuja with key stakeholders in the political economic space re-emphasizing the value of public-private partnership, in driving the Nigerian economy. 

In his opening remarks Mr Kyari Abba Bukar the Chairman of NESG described the summit as the most robust and credible platform to interrogate National policy direction. Mr Bukar said since its first summit in 1993, the NESG has evolved into a leading advocate for national economic growth. 

Bukar highlighted as achievements of the NESG, the liberalization of the telecommunications sector, pension reforms, privatization of some critical public enterprises and the development of the public-private partnership framework for infrastructure. 

He said the 23rd summit was focused on the actualization of the Economic Recovery and Growth Plan of the Federal Government, which was critical for Nigeria’s economy. The NESG Chairman also shared that through the National Assembly Business Roundtable (NASSBER), the following bills are being looked into National Transport bill, Federal Roads bill, Federal  Road funds bill, Federal Ports & Harbour bill,National Payment systems bill, Company and Allied Matters Act(amendment) and Investment Securities Act(amendment). 

The Minister of Budget and National Planning Senator Udoma Udo Udoma in his remarks believed the NESG summit was a useful platform for the public to engage private sector, to fast-track economic development. He admitted that there has been remarkable progress in the relationship between the public and private sector, since the first summit in 1993. 

Senator Udoma noted that the Q2, 2017 GDP economic report which showed Nigeria emerged from recession with a 0.55% growth, was a signal that the economy was on the  right path. This according to him, marked a halt in the economic slide which started in 2014. 

Udoma informed stakeholders that just as he had promised an economic plan in the previous #NES22 summit, the FG through extensive consultations rolled out the Economic Recovery and Growth Plan(2017-2020), launched by President Muhammadu Buhari. 

He said the ERGP was an ambitious economic agenda with a growth target of 7% by 2020. The Budget and National Planning Minister also shared that special implementation units (SIUs) have been set up to ensure it does not go the way of other plans. 

In his address the Special Guest honour and Vice-President Prof Yemi Osinbajo(SAN) asserted that the summit was an opportunity for close interactions between the public and private sector players. 

The Vice President described the private sector as the biggest contributor to the economy, which underscored the value of a public-private partnership in driving the economy. 

Giving a feedback on actions taken on concerns raised from the #NES22 summit in 2016, the Vice President outlined the following; stabilization of the FX market- which has led to a $32bl current reserve, stability in the Niger-Delta through constructive engagements from the FG-which has resulted in nearly 2ml barrels of oil production, economic diversification-driven by agriculture with 200,000 farmers benefitting from the anchor borrower’s scheme, establishment of the Walcot and Indorama plants, Infrastructure-partnership with General Electric on Lagos-Kano railway gauge line and the Presidential Quarterly Business Forum which is an opportunity for government to engage the private sector. 

Speaking on the Economic Recovery and Growth Plan (ERGP), the Vice President stressed that it is laid out with a clear National economic focus on recovery and sustainable growth. 

He said the Federal Government is committed to addressing all the issues that will raised at the #NES23 summit in Abuja. 


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