Nigerian Economic Summit Focuses on Pathways for Transformation.
The 29th Nigerian Economic Summit (NES 29) anchored its discussions around ‘Pathways for Sustainable Economic Transformation and Inclusion’, emphasizing the need to translate growth into improved living standards.
Organized by the Nigerian Economic Summit Group (NESG), this year’s summit highlighted Nigeria’s potential while also addressing current challenges like rising unemployment, inequality, and poverty. Per the NESG, over 60% of the population lives in multidimensional poverty, threatening the rise of a middle class.
With population growth outpacing poverty reduction, the NESG stressed the urgency of prioritizing long-term development and prosperity. However, it expressed optimism in the new administration’s agenda and the World Bank’s projected average annual growth rate of 2.9% for Nigeria from 2023-2025.
“Technological advancements and their increasing adoption offer glimpses of what can be achieved with proper mechanisms,” the NESG stated. “The change in political leadership also brings opportunities for fresh ideas and economic policy reforms.”
The NESG advocated constructive dialogue between the public and private sectors to co-create solutions for shared prosperity. It said NES 29 built on previous summits’ legacies to motivate stakeholders towards sustainable development.
“In a new government context, reinvigorating efforts to achieve economic development is indispensable,” the NESG declared. “NES 29 represents a call for change, renewed commitment, and dedicated efforts to improve our economy.”
The NESG also emphasized enhancing the government’s economic agenda setting as a key goal of this Summit. By rallying stakeholders, NES 29 aimed to chart pathways to transform Nigeria’s economy and improve citizens’ wellbeing.