The Nigerian Economic Summit Group (NESG) said the country requires a transformational shift from a dependent economy to a diversified one, focusing on innovative sources of revenue and job creation.
The group also expressed concerns over the current high macroeconomic volatility and instability, stressing the need for a recalibration of economic strategies to ensure inclusive growth and sustainable development.
This is as the group highlighted the country’s failure to record progress due to the lack of political will, strong national consensus, focus on results, robust institutions and prevalent issues of corruption and ethics.
The submissions were made yesterday at the launch of the 30th Nigerian Economic Summit (NES @30) logo and a public lecture/founders’ forum held at the Lagos Business School.
The event’s theme was ‘In the National Interest: Reflecting on the Past, Reimagining the Future’.
The Chief Executive Officer of the NESG, Dr Tayo Aduloju, provided a comprehensive overview of Nigeria’s economic trajectory from the tumultuous era of 1993 to its current state.
He reminisced about Nigeria’s state back in 1993, a period marked by political chaos post-June 12 and described as a “pariah state” with over-regulated, non-diversified economic sectors including banking, telecommunications, infrastructure and power, which, according to him, are stagnated and unattractive to investors.
Fast forward to the last three decades, Aduloju highlighted significant strides toward liberalising key economic sectors, especially during President Olusegun Obasanjo’s tenure from 1999 to 2007.
He referred to this era as the “opening up phase”, which catalysed a decade of positive growth and liberalisation, contrasting sharply with the less successful subsequent decade.
According to him, the growth achieved has been broadly characterised as un-inclusive, failing to create substantial jobs or equitable opportunities across the board.
“The challenge at our 30th anniversary now is how to drive the country forward in such a way that it’s not just about growth but about creating jobs and opportunities for everyone, ensuring no one is left behind,” Aduloju stated.
Aduloju also touched on the successful liberalisation of the telecommunications sector following the National Telecommunication Policy review in 1997, which he noted as a model of strong institutions backed by political will and accountability that should be replicated in other sectors.
Aduloju underscored the importance of resilience in holding governments accountable, insisting on a law-abiding, business-friendly environment, and fostering an economy that works for all Nigerians.
“Our resilience to keep insisting that there must be an economy that works for all Nigerians, to keep insisting on the rule of law, governance, and the national interest, is something that we must continue to fight for because it’s what every Nigerian deserves,” he concluded.
The Lagos State Governor, Babajide Sanwo-Olu, called on the NESG to intensify efforts in facilitating economic dialogues aimed at fostering legislative and policy reforms across both the private and public sectors for economic development.
The governor spotlighted the Nigerian Economic Summit’s (NES) long-standing contributions to policymaking through yearly summits, sectoral policy commissions and leadership programmes designed to cultivate a new cadre of policymakers.
Sanwo-Olu also highlighted the NES’ pivotal role in legislative advocacy and its initiatives in nurturing future leaders through programme such as the brief fellowship.
He encouraged the NES to expand its public engagement and embrace digital technologies to enhance its outreach and influence.
Sanwo-Olu commended the founders and visionaries of the NES for their critical roles in shaping economic discourse in Nigeria and for creating a platform for ongoing dialogue, which has significantly influenced national policy and development strategies.
The Dean of the Lagos Business School, Prof. Chris Ogbechie, highlighted the importance of public and private sector collaboration in driving economic growth and transformation.
He described the summit as a beacon of hope and a platform for constructive dialogue that has been instrumental in shaping policies and driving sustainable development across various sectors of the economy.
Ogbechie also noted that the NES has catalysed positive change, fostering collaboration among public and private sector members to drive innovation and sustainable development not only in Nigeria but across Africa.
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