Posted Tue, Oct 17, 2023 10:27 AM

NESG Tasks Stakeholders to Leverage Resources for Economic Recovery

The Nigerian Economic Summit Group (NESG) has tasked stakeholders to leverage existing resources as a pipeline towards stimulating Nigeria’s economic recovery. 

The Think Tank Group, whose forthcoming 29th economic summit (NES 29) will be highlighting the subject as a sub theme, added that by optimising resources, embracing innovation, and enhancing skill acquisition, Nigeria can shore up its domestic and global competitiveness. 

Dr. Olusegun Omisakin, Director of Research, NESG, emphasised the urgency of attracting domestic and foreign investments into the economy, especially in infrastructure, education and healthcare. He explained that this strategy will not only stimulate economic expansion, but also generate employment opportunities, and drive sustainable development. 

According to Dr. Omisakin, “Strategic trade expansion in non-oil sectors with a focus on exports will diversify external revenue sources, reduce reliance on the oil and gas industry and elevate Nigeria's economic complexity on the global stage. Additionally, it will leverage the potential of the African Continental Free Trade Agreement (AfCFTA), build resilience against external shocks, and forge a more equitable, inclusive, and sustainable economy that benefits all Nigerians.” 

Recently, the NESG announced it will anchor its 29th summit on ‘Pathways for Sustainable Economic Transformation and Inclusion’, in light of the 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.