Posted Wed, May 11, 2022 3:15 PM

NESG to hold National Economic Dialogue to confront the Critical Challenges Confronting the Nigerian Economy

The wide array of socio-economic challenges that beset the Nigerian Economy has clearly shown that the country cannot rely on the business-as-usual practice and must instead embrace a more holistic approach to finding lasting solutions to the nation's array of problems. As a result, Nigeria needs an urgent turnaround in policy choices and economic management to achieve improved socio-economic outcomes. As a result, there is no better time than now for the country to make good choices that will proffer short- and long-term solutions to our challenges.

Nigeria's critical challenges have persevered over the years with no solid political will to address them by successive administrations. Insecurity in various forms - kidnapping, banditry and manslaughter – is the order of the day in Nigeria, with negative implications for socio-economic outcomes. In light of this, there is an urgent need to have a National Economic Dialogue on how best to tackle the social menace.

As the 2023 general election is fast approaching, it has become pertinent for the nation to have a National Economic Dialogue, which should identify and extensively discuss the key structural bottlenecks and challenges that the country has faced overtime to ensure that the political elites and stakeholders are rightly guided in terms of policy choices and implementation. It is on this premise that the Nigerian Economic Summit Group (NESG) aims to hold a National Economic Dialogue discourse to highlight possible solutions to the myriads of socio-economic problems in Nigeria.

The National Economic Dialogue will pay particular attention to six critical challenges that the government needs to address urgently. These challenges include weak and non-inclusive economic growth, Macroeconomic instability, Infrastructure deficit, Human capital deficit and skills gap, National insecurity and Weak economic competitiveness. 

The National Economic Dialogue on the state of the Nigerian Economy is crucial at this critical point in time because it offers a unique opportunity for us as a nation to come together and have a snapshot reflection on the current state of the Economy, discuss the challenges we are facing, the choices that present themselves, the paths that lie ahead of us and the tough decisions that we must take to build a globally competitive economy that works for us all. Furthermore, it presents an opportunity for us to find solutions to the multi-dimensional global economic challenges - the post-COVID-19 Economy, the Russian-Ukraine crisis (among other sources of global instability) - and the national leadership transition while embracing the need to foster national consciousness toward a better economic outlook. 

As a nation, we are faced with the unique opportunity to learn from and reflect on policy choices that led us to where we are today and be ready to make tough choices to build a better and stronger nation. 

The National Economic Dialogue is scheduled to hold on the 20th of May, 2022 by 10:00 AM, at the Umar Musa Yar Adua Centre, Abuja. The resource persons and panellists expected at the National Economic Dialogue include Professor of Economics/Director, Institute for Development Studies, University of Nigeria, Prof. Osita Ogbu; Senior Partner, Olisa Agbakoba Legal, Dr Olisa Agbakoba; Executive Director, Yiaga Africa, Mr Samson Itodo and Resident Representative of IMF in Nigeria Mr Ari Aisen. Others include Country Director, CARE International Nigeria, Dr Hussaini Abdu and Managing Director & CEO, Endeavor Nigeria, Ms. Tosin Faniro-Dada.

The National Economic Dialogue will host combined Virtual and In-Person sessions. Registered participants can watch our YouTube and social media pages, @officialNESG on Twitter, Facebook and Instagram. 

Visit www.ifnotnowwhen.ng and check @officialNESG on Facebook, Twitter, and Instagram for registration information.