November 17, 2022/United Capital Research
The Nigerian Economic Summit Group on Tuesday concluded its 28th annual summit, convening global and national leaders in business, academia, development, civil society, and government. On the agenda this year was Delivering Macroeconomic Stability for Shared Prosperity, Investing in Our Future, Unlocking the Binding Constraints to Execution, and Reframing the Agenda for Transformational Leadership. It included 5 plenaries and meetings across 5 industries, including Manufacturing, Agriculture and Oil & Gas.
In discussions, recommendations were made on Trade, Fiscal and Investment Policies, Agriculture and Food Security. The Federal Government’s (FG) ‘Nigeria Agenda 2050’ was addressed, a plan to raise Nigeria’s income-per-capita to $33,000.0 over the period, from its current $2,085.0. The Group’s Chairman noted that a 15.0% p.a. GDP growth rate is needed to transform the economy from a $440.0bn to a $4.5trn economy. The group urged the FG to revisit its exchange rate management policy, fuel subsidy removal, and cut its frequency of borrowing, while focusing on revenue enhancement, to actualize the “Agenda 2050”. Finally, as Nigeria proceeds into a transition year, presidential candidates were compelled to subscribe to the consensus issues and practical recommendations raised at the summit, including a focus on job creation, human capital development, and rebuilding national institutions.
The NESG has played a pivotal role in Nigeria’s developmental history, including gaining consensus on the Development of the National Infrastructure Master Plan and delivery of the long-term Economic Agenda (2012-2020) framework. Strategic reform institutions, including the Bureau of Public Procurement (BPP), the Nigerian Investment Promotion Council and Commission (NIPC), The Bureau of Public Enterprises (BPE) and the Investment Climate Committee were created and expanded based on NESG recommendations. It remains to be seen if the most recent recommendations will be fully adopted.
