Posted Sun, Sep 8, 2024 2:55 PM

Building a More Secure Society - A Critical Pillar for Nigeria’s Economic Future

As Nigeria prepares for the landmark 30th Nigerian Economic Summit (NES #30), the focus on building a more secure society, a sub-theme of NES#30 emerges as a foundational pillar for economic stability and growth. The significance of security in fostering an environment conducive to business operations, attracting foreign investments, and promoting overall societal well-being cannot be overstated. This year's Summit will bring together stakeholders to deliberate on strategies that address the root causes of insecurity, thereby creating a stable and prosperous future for Nigeria and the broader African continent.

A Historical Perspective

The first Nigerian Economic Summit in 1993 marked a watershed moment in Nigeria’s economic history. Convened against a backdrop of prolonged economic challenges, it initiated a pivot from a predominantly state-led economic model to a dynamic, private sector-driven economy. This transition was not merely about changing economic policies but represented a profound shift in the philosophy guiding Nigeria's development path.

For decades after independence, Nigeria's economy was characterized by a government monopoly in business and industry. State-owned enterprises (SOEs) dominated the landscape, supported by substantial public investments intended to spur economic growth. The inaugural Nigerian Economic Summit laid the groundwork for an enduring partnership between the public and private sectors, which has been instrumental in shaping Nigeria’s economic policies and development strategies.

The Crucial Role of Security

Security underpins economic stability, enabling businesses to operate without fear of disruption and attracting foreign investments. Addressing the root causes of insecurity, such as poverty, unemployment, and inequality, is essential for creating a stable environment for both citizens and enterprises. Strengthening law enforcement and judicial systems further reinforces this stability, fostering social cohesion, trust in institutions, and community resilience.

Enhanced security promotes an environment where businesses can thrive, education can flourish, and healthcare can improve, leading to a higher quality of life for all citizens. It lays the foundation for sustained economic growth and development, driving Africa towards a more prosperous and stable future. In this context, NES #30 will engage stakeholders in critical discourse to:

• Address current socioeconomic challenges to ensure stability;
• Explore strategies to improve economic competitiveness;
• Identify pragmatic policies and actions for inclusive growth and development; and
• Prioritize collaborative approaches between stakeholders for progress.

Thematic Focus of NES #30

The 30th Nigerian Economic Summit will spotlight the theme "Collaborative Action for Growth, Competitiveness, and Stability." This theme underscores the importance of a secure society in achieving economic resilience and inclusive growth. The Summit will serve as a platform for meaningful deliberations, emphasizing Nigeria’s role in driving the continent’s transformation through institutions, investment, integration, industry growth, and innovation.

Security, as a critical component of this transformation, will be a key focus area. Discussions will revolve around innovative solutions to address security challenges, enhance law enforcement capabilities, and promote social and economic policies that mitigate the root causes of insecurity. By fostering a secure environment, Nigeria can unlock its full economic potential and lead Africa towards a more prosperous future.

A Call for Collaborative Action

The public-private dialogue platform Nigerian Economic Summit (NES#1) was held from February 18-20, 1993. Participants at NES#1 concluded that it is imperative for the private sector to continuously dialogue and cooperate with the public sector. Over the past 27 years, national and global policymakers and business leaders have acknowledged the annual NES as the premier platform for public-private dialogue in Nigeria.

As we look forward to NES #30, the call for collaborative action remains as urgent as ever. Building a more secure society is not solely the responsibility of the government but requires the collective effort of all stakeholders. By working together, we can create an environment where security and economic prosperity go hand in hand, ensuring a brighter future for Nigeria and Africa.

In conclusion, the 30th Nigerian Economic Summit represents a pivotal moment for Nigeria and the continent. By addressing security as a fundamental component of economic stability and growth, NES #30 will chart a course for a more secure, inclusive, and prosperous future. The deliberations and outcomes of this Summit will shape the trajectory of Nigeria’s economic development, reinforcing its position as a leader in driving Africa’s transformation.

About NESG

The Nigerian Economic Summit Group (NESG) is a leading think tank and policy advocacy group committed to fostering sustainable economic growth and development in Nigeria. Through its annual Summits, NESG provides a platform for public-private dialogue, shaping policies and strategies that drive Nigeria's economic progress.

Ayanyinka Ayanlowo

Ag. Head, Strategic Communication & Advocacy

NESG