NESG says 30th Nigerian Economic Summit to Provide Actionable Insights into Future Direction of Nigeria’s Economy

The Nigerian Economic Summit Group(NESG) has said that the forthcoming 30th Nigerian Economic Summit (NES #30), would provide actionable insights into the future direction of Nigeria’s economy.

A statement issued by Ms. Ayanyinka Ayanlowo, Acting Head, Strategic Communication & Advocacy, NESG, on Sunday said the Summit would feature a series of High-Level Panels addressing some of the most pressing challenges facing Nigeria and the global economy.

Ayanlowo explained that the Summit, which is slated to hold from October 14th to 16th, 2024, at the Transcorp Hilton Hotel, Abuja, would provide the avenues for various panels to generate meaningful debates and discussions, integrating diverse viewpoints and fostering collaboration to drive economic growth, competitiveness, and stability.

She said: “Under the theme, “Collaborative Action for Growth, Competitiveness, and Stability,” the Summit aims to provide actionable insights into the future direction of Nigeria’s economy and its role on the African continent.”

The statement noted that each High-Level Panel will focus on a specific issue critical to Nigeria’s economic development, aligning with the overarching theme of the Summit and presenting a unique platform for thought-provoking discussions among policymakers, business leaders, and international stakeholders.

While disclosing various High-Level Panels at NES #30, she explained that the panel on Fiscal Reforms for a More Secure Future will explore the need for comprehensive fiscal reforms to rebuild fiscal buffers, optimize revenue generation, and address debt management in the wake of the COVID-19 pandemic.

“As countries confront mounting debts and fiscal challenges, the discussion will focus on strategies to maintain fiscal prudence and ensure long-term economic security.”

On the panel on accelerating infrastructure development, the NESG explained that infrastructure is the backbone of any thriving economy, and this panel will examine how Nigeria can close its infrastructure gap through improved public expenditure, better prioritisation of projects, and enhanced frameworks for private sector participation.

“The panel will also address the financial challenges in infrastructure development and the critical role of public-private partnerships in meeting infrastructure needs.

The panel on Fuelling Growth: The Future of Oil and Gas, according to the statement, will explore the future of Nigeria’s oil and gas sector.

“Discussions will focus on how natural resources can continue to fuel growth and economic development while rethinking governance structures to ensure energy security and industrial expansion.”

On Empowering SMEs for Economic Growth, the NESG said “this panel will address the challenges Small and Medium Enterprises(SMEs) face, such as limited access to finance, operational costs, and infrastructure gaps, and propose innovative policies to empower these businesses for sustainable growth in both traditional and emerging sectors.”

On mitigating Threats, Risks, and Vulnerabilities to Human Security Panel, the statement noted that “Security is a fundamental aspect of economic stability. “

“This session, developed in partnership with Nextier, will focus on mitigating the threats and risks that impact businesses, households, and individuals.

“The discussion will emphasise the importance of international cooperation in combatting human security threats, which often transcend borders, and outline strategies for creating a safer, more secure society.”

The NESG further explained that the panel on “Beyond Stability:Gearing Monetary Policy for Economy Growth,” would explore options to tailor monetary policy to support economic growth, credit flow, and financial stability.

“With inflationary pressures persisting and the private sector raising concerns about the stifling effects of rate hikes, this panel will rethink Nigeria’s monetary policy beyond its stability mandate,” the statement said.

Explaining further on the essence of these panels, the NESG said: “These High-Level Panels are crucial to the overall goals of NES #30, as they each address essential pillars of economic development—fiscal stability, infrastructure, energy, SMEs, security, and monetary policy.

“Through engaging discussions, panelists will not only highlight the challenges Nigeria faces but also propose innovative solutions to foster growth, competitiveness, and long-term stability.”

“The panels offer a platform for experts from various fields to share perspectives, learn from global examples, and identify actionable steps that can drive positive change for Nigeria and Africa as a whole.”