The Nigerian Economic Summit Group (NESG) has revealed that its 29th summit, NES 29, will revolve around the topic of ‘Pathways for Sustainable Economic Transformation and Inclusion.’
The group made it clear that this is necessary, especially considering the urgency to turn the nation’s economic growth into enduring and improved living standards for all citizens.
NESG, in a statement released over the weekend, underlined that the theme of this year’s summit reflects Nigeria’s potential for achieving sustainable development, driven by innovative policies, resilient institutions, strategic infrastructure investments, and human capital growth.
- “Nigeria is currently grappling with rising unemployment, income disparity, and multidimensional poverty. These challenges are worsened by an uneven allocation of resources, macroeconomic instability, and institutional deficiencies.
- “The National Bureau of Statistics (NBS) report in 2022, which revealed that approximately 62.9 per cent of the Nigerian population lives in multidimensional poverty, is a threat to the development of a vibrant middle class,” the statement reads.
Noting the growth in population and its effect on the overall economy, the group claims that “Nigeria’s current trajectory highlights the critical need to prioritize long-term development and shared prosperity.”
A Positive Trend Forecast
Despite the persisting economic challenges, NESG expressed contentment with the current administration’s 8-point agenda, which is aimed at steering Nigeria out of its difficulties.
Citing the World Bank’s forecast of a 2.9 per cent average annual economic growth rate for Nigeria between 2023 and 2025, NESG highlighted the prospect of positive change through collective efforts.
- “Technological advancements and their increasing adoption offer glimpses of what can be achieved with proper mechanisms.
- The change in political leadership also brings the opportunity for fresh ideas and the rectification of economic policies that have weakened the fiscal system,
- “In the context of a new administration, there is an undeniable need to reinvigorate our efforts to achieve sustainable economic development.
- The 29th Nigerian Economic Summit is not just an annual event; it represents a call for change, a clarion call for renewed commitment, and a dedicated effort to turn our economy around for the better,” it said.
What You Should Know
Established in 1996, the Nigerian Economic Summit Group is a non-profit, non-partisan leading Think-tank with a mandate to promote and champion the reform of the Nigerian economy into a modern globally competitive, sustainable, inclusive, and open economy.
To achieve their objective, the group periodically engages key stakeholders in the sector through workshops and events on priority reform issues by adopting evidence-based advocacy approaches to economic challenges.
