Tuesday, July 07, 2020 / 8:27 AM / NESG / Header Image Credit: Twitter; @ClemAgba
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) inaugurated the Joint planning committee for the 26th Nigerian Economic Summit (NES26) on the 3rd of July, 2020.
Welcoming participants to the event, the chairman of the NESG, Mr. Asue Ighodalo said that the annual Nigerian Economic Summit has 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 foremost platform through which the federal and state governments engage 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.
"Like the rest of the world, Nigeria is currently in the middle of a global pandemic caused by an outbreak of the novel Coronavirus in December 2019. The NESG has been working closely with the Federal Government of Nigeria and the Nigeria Governors Forum to navigate these uncertain and unusual times. Now, more than ever, public, private and social sector leaders require a point of convergence and reference for policy and legislative change that would form the critical shift needed for today's world in the face of a pandemic that has significantly altered the way we live and worsened our pre-existing social and economic challenges." Mr. Ighodalo said.
The NESG Chairman mentioned that the 26th Nigerian Economic Summit would be a big conversation for action for public and private sector stakeholders and indeed all Nigerians to reflect on the state of the economy, rethink the country's economic fundamentals and deliberate on the impact of the COVID-19 pandemic, as the country explores emerging trends that would enable Nigeria to capitalize on the new opportunities and chart a path to rapid recovery.
The minister of state for Budget and National Planning, Mr. Clement Agba while inaugurating the JPC said that the annual Nigerian Economic Summit is the premier Public-private platform for the growth of the Nigerian economy which helps to address and establish a common ground.
He mentioned that since the 25th summit, some milestones have been attained including the signing of a memorandum of understanding (MoU) between the NESG and the Federal Ministry of Youth and Sports Development for the development of Nigeria's sports industry; election of the NESG and the Ministry of Finance, Budget and National Planning as substantive co-chairs of the open government partnership and a partnership between the ministry and the NESG to release a report on the effects of the COVID-19 pandemic on the Nigerian economy among others.
The minister stated that the reports looked to ensure stability and raise a 2.3 trillion Naira stimulus package for the Nigerian economy which consists of fiscal, real and economic interventions among others.
Furthermore, the minister mentioned that the ministry was looking into the mobilization of external support by collaborating with donor and multilateral agencies and initiating steps to increase non-oil revenue generation. He revealed that the theme for NES26 is "Building partnerships for resilience" which will hold on the 26th and 27th of October, 2020 and aims to explore how Nigeria can chart a path to economic growth.
Mr. Agba said that NES26 will be part of a bigger conversation for action that will combine in-person and virtual discussions to analyze the state of the economy, rethink the country's economic fundamentals, deliberate on the impact of the COVID-19 pandemic, highlight the role of Nigeria's sub-nationals as frontiers for national development and explore emerging trends that will enable Nigeria to capitalize on new opportunities. Furthermore, the minister stated that NES26 will agree on a compact with clear and decisive actions that commit stakeholders to collaborate and build resilience for Nigeria's households, businesses, and the broad economy by ensuring that Nigeria meets its strategic development goals (SDGs) by 2030.
He mentioned that the government was planning for the future and as such, former chairman of the NESG, Mr. Atedo Peterside will co-chair the steering committee for the development of a medium-term national development plan for the country. He reiterated that the mandate of the Joint Planning Committee (JPC) was to mobilize key private and public sector individuals for the Nigerian Economic Summit and work under the coordination of the NESG and the ministry of Finance, Budget and National Planning. He thereafter mentioned that Mr. David Adeosun and Mr. Nnanna Ude would be co-chairs and representatives of the Public and private sectors respectively.