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By Chukwuma Umeorah
In a bid to address pressing economic challenges and chart a course for sustainable development and inclusion, the Nigerian Economic Summit Group (NESG) has urged stakeholders to harness innovative policies, strengthen institutions, invest in strategic infrastructure, and foster human capital development.
Head, Strategic Communications and Advocacy at NESG, Yinka Iyinolakan, in a statement advocated for constructive dialogue that incorporated the ideas of stakeholders. He assured that the Group’s 29th summit tagged ‘Pathways for Sustainable Economic Transformation and Inclusion’, scheduled to hold in October will enhance the economic agenda setting of the government.
This is as he noted that it was in line with the government’s urgency of translating economic growth into improved and sustainable living standards for all citizens.
“This year’s summit theme hints at Nigeria’s potential for sustainable development, leveraging innovative policies, robust institutions, strategic infrastructural investments and human capital development,” he said.
He revealed that the summit would build on the legacy of previous summits to nudge the public and private sectors to co-create solutions that drive shared prosperity.
The statement added that Nigeria currently faces daunting economic challenges, including rising unemployment, income inequality, and multidimensional poverty. Data from the National Bureau of Statistics (NBS) data from 2022 highlighted that approximately “62.9 percent of the population live in multidimensional poverty,” exacerbated by uneven resource allocation, macroeconomic instability, and institutional shortcomings. A rapidly growing population, demanding a renewed focus on long-term development and shared prosperity, further compounds the situation.
Despite these hurdles, the NESG expressed contentment with the current administration’s “8-point agenda” designed to guide Nigeria toward economic recovery. The World Bank had forecasted an average annual economic growth rate of “2.9 percent for the country between 2023 and 2025,” raising hopes for positive change.
The Group therefore advocated for constructive dialogue that incorporates the ideas of stakeholders. It assured that NES 29 would build on the legacy of previous summits to nudge the public and private sectors to co-create solutions that drive shared prosperity.
The NESG also viewed technological advancements and their increasing adoption as promising avenues for progress. The change in political leadership also provides an opportunity for “fresh ideas and the rectification of economic policies” that may have weakened the fiscal system.
