Posted Wed, Jul 28, 2021 10:20 AM

Securing Our future: The Fierce Urgency of Now

Securing Our future: The Fierce Urgency of Now

The public sector represented by the federal ministry of Finance, Budget and National Planning and the organized private sector represented by the Nigerian Economic Summit Group (NESG) announced the theme for the 27th Nigerian Economic Summit “Securing our future: The fierce urgency of Now” while inaugurating the Joint planning committee for the 27th Nigerian Economic Summit (NES#27) on the 28th of July, 2021.

While welcoming participants to the event, the chairman of the NESG, Mr. Asue Ighodalo said that the annual Nigerian Economic Summits have been sustained by the public-private dialogue between the Nigerian Economic Summit Group (representing the private sector) and the Federal Ministry of Finance, Budget and National Planning (representing the Federal Government of Nigeria) and is the foremost platform through which the federal and state governments engage with corporate leaders and discuss Nigeria’s national and sub-national economic realities to co-create reform strategies that are critical for the advancement and reform of the Nigerian economy.

Mr. Ighodalo stated that with the present state of the Nigerian economy, increasing unemployment, pervasive insecurity and dwindling investments in critical sectors, the time is ripe to question the path for securing a long-term future for Nigeria that guarantees every citizen’s right to economic, social, political, environmental and physical safety. He reiterated that Governments at all levels must intensify efforts to address challenges of kidnappings, theft and other social vices, especially given that a secure environment is a pre-condition for economic growth, job creation and poverty reduction.

The chairman of the NESG said that with the current state of the Nigerian economy, it has become essential for the country to adopt a different approach with a profound sense of urgency; in finding workable measures and concerted action towards achieving economic growth and national security. “This 27th Nigerian Economic Summit will present a platform for stakeholders to highlight Nigeria’s core socio-economic vulnerabilities and the associated risks to come up with solutions that alleviate these vulnerabilities while exploring potential opportunities and priorities that will accelerate economic development”, Mr. Ighodalo stated.

Mr. Ighodalo revealed that the NESG, representing the private sector, is currently collaborating with the Federal Ministry of Finance, Budget and National Planning towards developing the Long-Term National Economic Development Plan, the Nigeria Agenda 2050. He said it was imperative that the 27th NES deepens the trust and collaboration between the public and private sector in enhancing the growth of the Nigerian economy.

The Honourable Minister of state, Budget and National Planning, Prince Clem Agba in his statement said that Nigeria’s inflation rate is showing a downward trajectory despite the challenges faced globally. He stated that the Summit provides a platform for effective partnership, strengthen relationships and that the conclusions and recommendations of the 26th Nigerian Economic Summit have been forwarded to the cabinet office and will soon be deliberated on by the Federal Executive Council.

Prince Agba revealed that the government is on the verge of completing the Medium and Long-term National Economic Development Plan which will serve as a successor plan to the long-term National Vision 20:2020.

The Honourable minister said that the summit will galvanize stakeholders to commit to a sustainable economy and agree on a compact that compels stakeholders to ensure key recommendations are urgently implemented. He stated that the Joint planning Committee for the 27th Nigerian Economic Summit are saddled with the responsibility of reviewing the report of the NES26, make preparations for NES27, articulate budgetary requirement, prepare a report of the summit and undertake any work that may lead to the success of the summit. He thereafter announced Mr. David Adeosun and Mrs. Ijeoma Taylaur as co-chairs and representatives of the Public and private sectors respectively.

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 continuously dialogue and cooperate with the public sector. Since that first Summit, the Nigerian Economic Summit Group, a private sector think-tank and nonprofit organization, has organized 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 recognized platform for forging understanding and consensus on the national economic policy direction and growth strategies. Over the past 27 years, national and global policy makers and business leaders have acknowledged that annual NES is the premier platform for public-private dialogue in Nigeria

Yinka Iyinolakan

Head, Corporate Communications

NESG