NESG, Ministry of Budget inaugurate joint planning office for 30th Nigerian Economic Summit

The Federal Ministry of Budget and National Planning (FMBNP) and the organised private sector, represented by the Nigerian Economic Summit Group (NESG), inaugurated the Joint Planning Committee (JPC) for the 30th Nigerian Economic Summit (NES#30).

Welcoming participants to the event on Tuesday in Abuja, NESG Vice-Chairman and Chairman of the NES#30 Anniversary Committee, Mr. Omoboyede Olusanya, said the inauguration of the NES#30 Joint Planning Committee marked the official commencement of preparations for the 30th Nigerian Economic Summit and that the Summit continues to be a renowned and widely recognized platform for building consensus and mutual understanding on the country’s economic policy direction and growth strategy.

Mr. Olusanya added that the 30th anniversary is an opportunity to reflect on the legacy that has been instrumental in promoting Nigeria’s transition to a private sector-led economy and that the path of strategic innovation and continued collaboration is critical to Nigeria’s continued economic development.

He noted that Nigeria has faced numerous economic and political obstacles in recent years, underscoring the urgent need to redesign national systems and address structural issues.

“One of Nigeria’s pressing concerns is how to translate economic growth into improved living standards for all citizens. Despite growth, the country faces rising unemployment, income disparity and multidimensional poverty. These challenges are compounded by unequal distribution of resources, macroeconomic instability and institutional weaknesses.

“Moreover, the government’s new implementation of fuel subsidies and exchange rate reforms in rapid succession had unintended negative consequences, exacerbating existing structural problems. On the other hand, international organizations praised the long-overdue reforms and changed Nigeria’s credit rating outlook from stable to positive.

“Furthermore, the twin reform has led to significant improvement in Nigeria’s current account, allocation of funds in the federal account and foreign direct investment (FDI) inflows,” Mr Olusanya said.

He noted that the NES had played a key role in shaping Nigeria’s economic policies and development strategies over the years and that its advocacy work and recommendations had led to significant reforms in the banking, telecommunications, maritime and ports, energy and other sectors.

He stressed that each step – from privatisation of state-owned enterprises to liberalisation of the telecommunications sector – brings Nigeria closer to a more efficient, competitive and diversified economy.

Permanent Secretary of the Ministry of Budget and Economic Planning, Eng. Nebeolisa Anako, at the inauguration of the JPC said that the day marked the beginning of another year of summits and that the NESG remains a shining example of cooperation between the government and the private sector.

Anako also noted that the Summit was an opportunity to strengthen existing relationships, noting that key outcomes play a fundamental role in shaping government policy and that the partnership helped develop the National Development Plan 2021-2025 and the long-term Nigeria Agenda 2050.

He also stressed that the JPC members have been carefully selected for their interest in the country’s development and are expected to review the outcomes of #NES29, prepare for the hosting of #NES30, develop the programme of events and timeline, identify budget requirements and propose an optimal financing strategy.

He added that the JPC will also mobilise the public and private sectors in state and local governments and development partners for the Summit and is expected to prepare and submit a Green Paper within three months.

The first Nigerian Economic Summit (NES#1) was held from 18 to 20 February 1993.

NES#1 participants concluded that it is crucial for the private sector to maintain ongoing dialogue and collaboration with the public sector.

It is in this spirit that since the first Summit, the Nigerian Economic Summit Group, a private think tank and non-profit organisation, has been organising the annual Nigerian Economic Summit in partnership with the Federal Government of Nigeria.

NES has become an annual dialogue and flagship event for government and business.

The Nigerian Economic Summit has become a credible and widely recognised platform for building understanding and consensus on the direction of the country’s economic policy and growth strategy.

For the past 30 years, national and global policy makers and business leaders have recognised the annual NES conference as the premier platform for public-private dialogue in Nigeria.

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