The Nigerian Economic Summit Group (NESG) has said that the forthcoming Nigerian Economic Summit(NES28) will highlight the importance of public-private partnerships and galvanize stakeholders to deliberate on an actionable framework for transformative political leadership and effective governance.
NESG in a statement noted that the current socioeconomic challenges confronting the Nigerians over the years, calling for consistent and innovative ways to solve the problems.
NESG acknowledged that the government cannot do it alone and the government has no business in doing business. It stated that it is imperative for collaborations and the provision of a suitable environment for the private sector to do business and improve Economic growth.
“As such, there is a deliberate need for strategic partnerships between the government and the private sector in order to drive growth and economic sustainability. From the perspective of the Nigerian Economic Summit Group (NESG), a private sector policy advocacy think tank that provides evidence-based analysis; one may ask how Nigeria’s economic conundrum happened on their watch.
“However, going down the timeline of policy recommendations made by the NESG since its inception in 1993 and recently its engagements with the current administration, it is immediately evident that much has been said in the national interest, which was not adhered to.
It said, however, with the Federal Government’s Economic Recovery and Growth Plan running out coupled with the United Nations projection of Nigeria’s population by 2050 to be 410 million and the brink of a Fourth Industrialization Revolution characterised by economic nationalism and trends towards deglobalisation, the NESG again followed up its previous recommendations with addendums, ‘Nigeria 2050: Shifting Gears’.
‘Building Partnerships for Resilience’, and ‘Securing or Future: The Fierce Urgency of Now’ provided thematic frameworks to advocate for execution speed in the wake of growing security threats, rising unemployment, high poverty rate, widening inequality and an economy in slow recovery.
The group insisted that it is easy to juxtapose the lack of action on the public-private deliberations made to the country’s insecurity and socioeconomic challenges today.
“These challenges are evolving aggressively across every social institution in Nigeria. Even as the country prepares for a monumental transition of political power, the NESG proposes discussions on “2023 and Beyond: Priorities for Shared Prosperity” to recognize the pivotal role of government in jump-starting and to address with utmost urgency six critical challenges, including non-inclusive economic growth, macroeconomic instability, infrastructure deficit, human capital deficit and skills gap, national insecurity and weak economic competitiveness,” NESG stated.
It, therefore, said “as such, the pronouncements by the vice president who chairs the National Economic Council (NEC) validates the need for collaborations with the private sector to drive Economic growth which the NESG has highlighted in its summit recommendations.
“The 28th edition of the NES with the theme “2023 and Beyond: Priorities for Shared Prosperity” scheduled to hold on the 14th and 15th of November, 2022will further highlight the importance of public-private partnerships by galvanising stakeholders to deliberate on an actionable framework for transformative political leadership and effective governance, to facilitate economic growth and nation building.”
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