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Tuesday 9 July 2024

FG Inaugurates Planning Committee for 30th Nigerian Economic Summit


On Tuesday, July 9, 2024, Senator Atiku Bagudu, Minister of Budget and Economic Planning, inaugurated a Joint Planning Committee for the 30th Nigerian Economic Summit (NES) in Abuja. This committee is tasked with shaping national development through the summit.

Representing the Federal Government, Bagudu highlighted the significant impact of previous summits on government policy across Nigeria. The minister was represented by Mr. Nebeolisa Anako, Permanent Secretary of the ministry. He emphasized that the annual summit serves as a crucial platform for dialogue among policymakers, corporate leaders, and the organized private sector.

The summit aims to reinforce the existing symbiotic relationship between the public and private sectors, fostering national development for the overall benefit of Nigeria.

According to Mr. Anako, “The partnership between the sectors has helped in the development of the National Development Plan (NDP) 2021 to 2025 and the Nigeria agenda 2050. The key outcomes of the summit have always played important roles in shaping the policies of the government.

“In particular, the summit had in the past contributed to entrenching the culture of development planning in the country. The summit has as well provided invaluable policy recommendations for the government, ’’he stated.

The minister announced that efforts have been finalized to present the 29th summit's recommendations and outcomes to the Federal Executive Council (FEC) for their review and guidance. He expressed gratitude to the public and private sector co-chairs and committee members for their dedication in organizing the summit and for their tireless work in producing the Green Book for the event.

Mr. Niyi Yusuf, Chairman of the NES, emphasized that the summit was focused not only on policy changes but also on redefining the philosophy and approach to development. He highlighted that the NES continues to be a crucial catalyst for addressing current challenges and guiding Nigeria towards a future of inclusive growth and economic resilience.

“Celebrating the milestone of the summit is an opportunity to reflect on a legacy that has played a critical role in promoting Nigeria’s transition to a private sector-led economy. This journey of strategic innovation and steadfast collaboration is vital for our continued economic development,’’ Mr. Yusuf said.

He noted that one of Nigeria’s pressing concerns was to translate economic growth into improved living standards for all its citizens. "In spite of experiencing growth, the country grapples with rising unemployment, income disparity and multidimensional poverty,“he said. 

He added that the performance was reflected in poor socioeconomic outcomes and declining living standards. 

“It is a time to reflect on our economy, rethink our economic fundamentals and deliberate on the short, medium and long-term priorities to tackle our challenges. Together, we will explore emerging trends enabling Nigeria to capitalise on new opportunities and chart a path to rapid recovery. I am confident that this partnership will yield outcomes that will set Nigeria on the path of economic recovery and sustainable development. The NES will be a pivotal moment, highlighting the summit’s role in shaping our economic trajectory", he concluded.

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