The Nigerian Economic Summit Group (NESG) has urged the government to shift its economic policy focus from stabilising the economy to ensuring that reforms generate productive investment, higher output, employment opportunities, and improved living standards. This call was made by the Chief Executive Officer of NESG, Tayo Adeloju, on Wednesday in Abuja. He stated that Nigeria had reached a stage where the gains of recent economic reforms must begin to translate into measurable improvements for businesses, workers, and households.
According to Adeloju, measures implemented over the past three years, including the removal of fuel subsidy, exchange-rate unification, fiscal reforms, and the recapitalisation of banks, had contributed to restoring macroeconomic stability and strengthening investor confidence. However, he stressed that achieving stability was only the beginning and that the next phase of economic management must focus on converting the gains from the reforms into broader economic transformation.
The 32nd Nigerian Economic Summit, themed 'Growth that Works: Delivering Jobs, Productivity and Shared Prosperity,' is scheduled to take place on October 26 and 27 at the Transcorp Hilton Hotel in Abuja. The summit will bring together representatives of the Federal Government, private sector, labour, development partners, academia, and civil society to examine the country's economic challenges and develop practical responses.
Adeloju said the need for urgent action had become more pronounced because of the high cost of production, infrastructure deficiencies, weak productivity, and insecurity, adding that more than 90 per cent of employment in the country remained in the informal sector. He emphasised that the objective should not simply be to increase the pace of economic expansion but to ensure that growth creates greater productive capacity and employment.
The summit will be structured around five major areas: Work Nigeria, Produce Nigeria, Invest Nigeria, Scale Nigeria, and Secure Nigeria. These areas will focus on examining the disconnect between education, skills acquisition, and employment, strengthening agriculture, manufacturing, and services, attracting productive capital, and addressing the economic consequences of insecurity.
The Minister of State for Budget and Economic Planning, Doris Uzoka-Anite, said the summit would provide an opportunity for stakeholders to assess the performance of the economy, identify outstanding challenges, and formulate practical measures to accelerate economic transformation. She expected the deliberations to produce concrete recommendations capable of improving the welfare and livelihoods of Nigerians.
The Nigerian Economic Summit has been convened for more than three decades as a platform for public- and private-sector stakeholders to deliberate on major economic policies, build consensus, and develop strategies for addressing the country's economic challenges. The success of the summit will be measured not by attendance, but by better policy, stronger businesses, and improved livelihoods.
Key points
- NESG urges government to focus on job creation and productivity
- 32nd Nigerian Economic Summit to focus on five key areas
- Summit aims to produce concrete recommendations for economic transformation
