Monday, 26 September 2016

Nigerian Economic Summit to drive ‘Made in Nigeria’ initiative at 22nd Edition

The Nigerian Economic Summit Group (NESG) has highlighted the need to embrace self- sufficiency as a viable alternative to improve Nigeria’s dwindling economy. The Group made the call during a press conference organised in Lagos to announce the 22nnd Nigerian Economic Summit. The summit appropriately themed ‘Made in Nigeria’, is scheduled to hold from the 10th to 12th October at the Transcorp Hilton Hotel, Abuja.

Speaking during the conference, the Honourable Minister, Budget and National Planning, Senator Udo Udoma Udo, assured that the 22nd Nigerian Economic Summit will encourage more production and consumption of Made in Nigeria goods and services.

Representative of Chairman, Nigerian Economic Summit Group, Mrs. Wonu Adetayo; Minister for Budget and Planning, Senator Udoma Udo Udoma and Chief Executive Officer, Nigerian Economic Summit Group, Mr. Laoye Jaiyeola at the World Press Conference to announce the 22nd Nigerian Economic Summit (NES#22) in Lagos on Friday.

“We believe that with more patronage, Nigerian producers will be encouraged to improve the quality of their products. As the quality of our goods and services improve, international demand for them will increase. There is no doubt that the fastest route to grow our economy and to create jobs for our teeming population is by pursuing export-led growth. Export-led growth will add to our foreign reserves and stabilize the naira,” he said.

Explaining the rationale behind the theme, CEO, Nigerian Economic Summit Group (NESG), Mr. Jaiyeola Laoye, described the ‘Made in Nigeria’ initiative as an economic growth and development strategy for Nigeria’s short, medium and long term development.

Jaiyeola explained that Nigeria’s status as an import dependent and a huge consumption economy has led to negative economic growth, dwindling foreign reserves and pressure on local currency exchange rate relative to major currencies.  He stated that the theme was not only necessary and timely, but will also be used to embody the imperative to commit to the structural and fiscal changes required to strengthen the Nigerian economy.

“Past editions of the Nigerian Economic Summit have made recommendations on self-sufficiency in local production and an export-driven economy. With our current economic realities, the NESG realises that this is the perfect opportunity to articulate a national discussion on ‘Made in Nigeria’ to promote the goods and services that are already up to standards for consumption, encourage exports and increase opportunities for SMEs,” he added.

The sub-themes of the summit will centre on the macroeconomic environment, ease of doing business, stakeholder’s behaviour and attitudes, access to finance, infrastructure, quality and standards, technology and innovation as well as job creation, skills and youth employment.

The summit is organized annually by the Nigerian Economic Summit Group and the National Planning Commission (NPC) which is now the Ministry of Budget and National Planning.

The 2016 Nigerian Economic Summit, NES #22 will provide a platform to sharpen the focus on the need for Nigeria to embrace the Made in Nigeria initiative by working out strategies to achieve self-sufficiency and value-addition capacities for several products and services in the shortest possible time. NES #22 will also facilitate stakeholders’ discussions/agreements on the practical issues, opportunities, policies and regulations needed for ‘Made in Nigeria’ to become an economic growth and development agenda.

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