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Nigerian Economic Summit Group (NESG) and the Federal Ministry of Budget and Planning have officially inaugurated the Joint Planning Committee (JPC) for the 30th Nigerian Economic Summit (NES #30).
The Chairman of NESG, Mr Niyi Yusuf, addressed the distinguished gathering at a press briefing attended by Pulse Nigeria, marking the commencement of preparations for this milestone event.
The NESG chairman was represented by Omoboyede Olusanya, Vice Chairman of the NESG and Chairman of the NES 30 anniversary committee.
Reflecting on the summit’s origins in 1993, Mr Olusanya highlighted its pivotal role in Nigeria’s economic history.
“Over the years, the NES has played a crucial role in shaping Nigeria’s economic policies and development strategies. Its advocacy and recommendations have led to significant reforms in the banking sector, telecommunications, maritime and seaports, and the energy sector, among others.
“Each step, from privatising state-owned enterprises to the liberalisation of the telecommunications sector, has moved us towards a more efficient, competitive, and diversified economy,” he said.
Aftermath effect of subsidy removal
As Nigeria faces contemporary economic challenges, she stressed the importance of leveraging the lessons learned and foundations laid through past summits.
She also noted the urgent need to address structural issues to translate economic growth into improved living standards for all citizens.
Olusanya acknowledged the adverse effects of recent policy reforms, including removing fuel subsidies and exchange rate adjustments.
He stated that while international organisations have applauded these reforms, they have also exacerbated existing structural issues.
He underscored the necessity of addressing Nigeria’s socioeconomic issues, including poor living standards, low per capita income, and high poverty rates.
The NESG Vice Chairman highlighted Nigeria’s poor performance in human capital development, with high school dropout rates and low life expectancy.
FG on importance of public-private sector collaboration
Speaking on behalf of the minister, Engr. Nebeolisa Anako, the permanent secretary of the Ministry of Budget and Economic Planning, inaugurated the JPC, marking the start of a new summit year.
He emphasised that the NESG is a prime example of public-private sector collaboration. Engr. Anako highlighted that the Summit is a chance to strengthen partnerships, with its outcomes crucial for shaping government policies.
He noted the partnership’s contributions to the National Development Plan 2021-2025 and the long-term Nigeria Agenda 2050.
Anako stated that JPC members were chosen for their interest in national development. Their tasks include reviewing outcomes of #NES29, preparing for #NES30, developing event programs and budgets, and proposing funding strategies.
When is #NES30?
Additionally, the JPC will engage the public and private sectors at all levels and is expected to deliver the green book within three months.
The theme for NES#30 is “Collaborative Action for Growth, Competitiveness, and Stability,” which will be held from October 14 to 16, 2024.
The Summit aims to mobilise leaders to tackle economic challenges, focusing on innovation, diversification, and sustainable development.
Antecedents of Nigeria Economic Summit
The first Nigerian Economic Summit (NES#1) was held from February 18-20, 1993. It concluded that continuous dialogue between the private and public sectors is crucial.
Since then, the Nigerian Economic Summit Group has organised the Annual Nigerian Economic Summit in collaboration with the Federal Government.
This event has evolved into the primary platform for government-business dialogue. Over the past 30 years, the NES has been recognised as the leading platform for public-private dialogue in Nigeria by national and global policymakers and business leaders, a testament to its enduring impact.