Posted Tue, Jul 9, 2024 2:36 PM

FMBEP and NESG Inaugurate Joint Planning Committee for Landmark 30th Nigerian Economic Summit

L-R: Omoboyede Olusanya, Vice Chairman, Nigerian Economic Summit Group (NESG)/Chairman, 30th Nigerian Economic Summit (NES#30) Anniversary Committee, with Engineer Nebeolisa Anako, Permanent Secretary, Federal Ministry of Budget and Economic Planning at the inauguration of the Joint Planning Committee (JPC) for NES#30 in Abuja on Tuesday

On Tuesday, July 9th, 2024, the Public Sector, represented by the Federal Ministry of Finance, Budget and Economic Planning (FMBEP), and the Organised Private Sector, represented by the Nigerian Economic Summit Group (NESG), inaugurated the Joint planning committee (JPC) for the 30th Nigerian Economic Summit (NES#30). 

While welcoming participants to the event, the Vice Chairman of the NESG and Chairman of the NES#30 Anniversary Committee, Mr Omoboyede Olusanya, said that the inauguration of the NES#30 Joint Planning Committee marks the official commencement of preparations for the 30th Nigerian Economic Summit and that the Summit has consistently provided a reputable and widely recognised platform for fostering consensus and mutual understanding on the country's economic policy trajectory and growth strategies. 

Furthermore, Mr Olusanya said that the 30th anniversary presents an opportunity to reflect on a legacy that has played a critical role in promoting Nigeria's transition to a private sector-led economy and that the journey of strategic innovation and steadfast collaboration is vital for Nigeria's continued economic development, noting that Nigeria has encountered various economic and political obstacles in recent years, underscoring the urgent need to redesign its systems and address structural issues.

"One of Nigeria's pressing concerns is translating economic growth into improved living standards for all its citizens. Despite experiencing growth, the country grapples with rising unemployment, income disparity, and multidimensional poverty. These challenges are worsened by an uneven allocation of resources, macroeconomic instability, and institutional deficiencies. Moreover, the new government implementation of fuel subsidies and exchange rate reforms in quick succession has had unintended adverse effects, exacerbating existing structural issues. On the flip side, international organisations have applauded the long overdue reforms and have revised Nigeria's credit rating outlook to positive from stable. Furthermore, the twin reform has led to significant improvement in Nigeria's current account, Federation account allocation and Foreign Direct Investment (FDI) inflows," Mr Olusanya stated.

He noted that the NES has played a crucial role in shaping Nigeria's economic policies and development strategies over the years and that its advocacy and recommendations have led to significant reforms in the banking sector, telecommunications, maritime and seaports, and the energy sector, among others, noting that each step, from privatising state-owned enterprises to the liberalisation of the telecommunications sector, has moved Nigeria towards a more efficient, competitive, and diversified economy.

The permanent secretary of the Ministry of Budget and Economic Planning, Engr. Nebeolisa Anako, while inaugurating the JPC said that the day marks the commencement of another summit year and that the NESG remains a shining example of collaboration between the government and the private Sector.

Engr. Anako also noted that the Summit provides an opportunity to strengthen existing relationships, noting that key outcomes play essential roles in shaping government policies and that the partnership has helped in the development of the National Development Plan 2021 – 2025 and long-term Plan Nigeria Agenda 2050. He also stated that members of the JPC were carefully selected in terms of interest in the development of the nation and are expected to review the outcomes of #NES29, make preparations for the hosting of #NES30, develop a program of events and timelines, articulate budgetary requirements and propose an optimal strategy for funding. He further noted that the JPC will also mobilise the public and private Sector at state, local government and development partners for the Summit and is expected to prepare and deliver the green book within three months.

The theme of NES#30 is “Collaborative Action for Growth, Competitiveness, and Stability,” and it is scheduled to hold between the 14th to 16th of October, 2024. The Summit will catalyse discussions aimed at mobilising leaders to address pressing economic realities. The focus will be on navigating uncertainties and turbulence and fostering an environment that encourages innovation, diversification, and sustainable development.

The first 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 dialogue and cooperate with the public sector continuously. Since that first Summit, the Nigerian Economic Summit Group, a private sector think-tank and nonprofit organisation, has organised the Annual Nigerian Economic Summit in partnership with the Federal Government of Nigeria. The NES has become an annual dialogue and, indeed, the flagship event of government and business. The Nigerian Economic Summit has provided a credible and widely recognised platform for forging understanding and consensus on the national economic policy direction and growth strategies. Over the past 30 years, national and global policymakers and business leaders have acknowledged that the annual NES is the premier platform for public-private dialogue in Nigeria.