NES #30: Experts to discuss Nigeria’s economic challenges, prospects

The Nigerian Economic Summit (NES) will mark its 30th anniversary from 14 to 16 October, with high expectations for pivotal discussions aimed at stabilising the nation’s economy and enhancing competitiveness.

This was disclosed in a statement on Thursday by the Acting Head, Strategic Communication & Advocacy, Ayanyinka Ayanlowo.

The summit, themed, “Collaborative Action for Growth, Competitiveness, and Stability”, is set to bring together experts from both public and private sectors at the Transcorp Hilton in Abuja.

The Nigerian Economic Summit Group (NESG), a private sector-led think tank and policy advocacy organisation, has played a central role in shaping Nigeria’s economic reforms since its inception in 1993.

Considering the economic challenges, including inflationary pressures, currency devaluation, and sluggish growth in key sectors, the NES #30 presents an opportunity to chart a course towards a more sustainable and inclusive economic future.

The NES said its platform has been instrumental in Nigeria’s transition from a state-controlled economy to one driven by private sector initiatives.

According to the statement, early summits were convened amidst efforts to reduce the role of state-owned enterprises (SOEs), which had, for decades, monopolised sectors such as oil, telecommunications, and energy.

This shift towards a market-driven economy has facilitated significant reforms in banking, maritime services, and telecommunications, contributing to Nigeria’s increased competitiveness and diversification.

Collaboration

Central to this year’s summit is the theme of collaboration, with an emphasis on fostering partnerships between government, business, civil society, and international actors, the group said.

Experts are expected to deliberate on strategies to stabilise the economy, promote sustainable growth, and enhance competitiveness in key industries.

The need for such collaboration comes at a critical time. Nigeria’s economic challenges include a dependency on oil exports, a struggling manufacturing sector, and rising unemployment.

The summit will also address the need for inclusive growth, with discussions aimed at ensuring that policies benefit all segments of society, particularly those in underserved rural communities.

Fhe statement said Nigeria’s economic health has a profound impact on the broader African region, owing to its sizeable population, significant corporate presence, and influence in regional trade and investment.

As one of Africa’s largest oil producers, the NES said Nigeria’s performance in the oil sector continues to shape the continent’s economic outlook, while Nigerian companies are expanding their footprint across various sectors in neighbouring countries.

It said the summit will seek to harness Nigeria’s position as an economic leader to drive regional integration and promote policies that foster economic diversification and resilience.

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Enhancing trade relationships within the African Continental Free Trade Area (AfCFTA) will also be high on the agenda, as will discussions on how Nigeria can strengthen its institutional frameworks to attract foreign investment and spur innovation.

The 30th edition of the NES comes at a time when the country’s leadership is under increasing pressure to implement reforms that will support sustainable development and improve living standards.