Expert Sets Agenda As 2023 Nigerian Economic Summit Commences Today
As the annual Nigerian Economic Summit (NES) commences today, an economic expert, Kayode David Ehindero has asked participants to provide a blueprint that will change the dynamic of the economy and make it viable.
The yearly summit is organised by the Nigerian Economic Summit Group (NESG) in collaboration with the Federal Ministry of Budget and Economic Planning where high-profile public and private sector dignitaries within and outside the country brainstorm on the Nigerian economy.
This year’s programme according to the Organiser is structured on five pillars including stimulating economic growth which entails optimising resource utilisation, embracing innovative technologies, and enhancing skills development, through which Nigeria can bolster productivity, improve domestic and global competitiveness, and foster economic growth.
It will also focus on mobilising finance for sustainable development; which Nigeria can leverage a compelling portfolio of competitive investment-grade projects and social investment programmes to access and deploy financial resources in support of sustainable development initiatives.
Also, harnessing human capital with the knowledge gap in the country, an avenue will be provided for skills acquisition abilities, and the health of citizens, which is a critical resource that drives productivity, innovation, and sustainable development. Nigeria faces significant barriers to effectively harnessing its human capital.
Ehindero who is the Executive Director of the Nigerian Workforce Strategy and Enlightenment Centre (NIWOSEC), appealed to the summit to discuss economic transformation in the country.
He said ” The Nigerian economy is at a critical juncture, and grappling with the detrimental consequences of over-dependency on importation and government policies that have led to the impoverishment of its citizens.
He stressed the urgent need for a paradigm shift towards increased local production and consumption, adding that the direct link between insecurity and the economy be examined particularly its impact on commerce and agriculture to understand the multifaceted challenges facing Nigeria.
“It is imperative that we collectively address these issues and pave the way for sustainable economic growth”, he said as he lamented that Nigeria’s heavy reliance on imported goods and products poses significant risks to its economy.
He noted that the outflow of foreign exchange, coupled with the vulnerability to fluctuating global prices, leaves the country exposed to economic instability.
He cited the excessive importation of basic commodities, such as cashew, cocoa, and even petroleum as a missed opportunity for value addition and job creation within Nigeria.
To reverse this trend, Ehindero said the country must prioritize the development of domestic industries, empower local entrepreneurs, and promote a culture of self-sufficiency.
Ehindero pinpointed that government policies play a crucial role in shaping the economic landscape but noted that certain policies in Nigeria have inadvertently contributed to the impoverishment of its citizens.
“High tariffs, trade restrictions, and inadequate support for local industries have stifled economic growth, perpetuating a cycle of poverty and unemployment. It is essential to evaluate these policies critically and implement reforms that foster inclusive growth, prioritize welfare, and promote equitable distribution of resources. By doing so, we can uplift the livelihoods of millions of Nigerians”.
On the promotion of local production and consumption, he tasked the government with revitalizing the agricultural and industrial sectors which are key towards reducing import dependency and promoting economic prosperity.
“We must invest in improving the productivity, quality, and competitiveness of Nigerian products. This includes developing infrastructure, providing access to affordable credit, and facilitating technology transfer. Moreover, refining commodities like cashews, cocoa, and even petroleum within Nigeria will not only add value but also create employment opportunities and boost revenue generation. It is imperative that we encourage domestic consumption, making it a national priority to eat what we produce and support local businesses”.
The NIWOSEC boss charged the organisers of the summit to focus on providing solutions to insecurity noting that it has a negative impact on commerce and agriculture.
He said “Insecurity poses a significant threat to the Nigerian economy. The ongoing challenges of terrorism, banditry, and other forms of criminal activities have severely disrupted commerce and agriculture. Farmers are unable to tend to their crops due to fear, while businesses struggle to operate in an environment marred by insecurity.
“Addressing these security concerns requires a collaborative approach involving the government, security agencies, and private sector stakeholders. By improving security, we can create a conducive environment for economic growth, attract investments, and restore stability to the nation.”
He highlighted that the Nigeria Economic Summit provides a platform for stakeholders to deliberate on the critical issues affecting the nation’s economy. By acknowledging the challenges of import dependency, government policies that impoverish Nigerians, and the inseparable link between insecurity and the economy, we can pave the way for a transformative agenda.
“It is essential to prioritize local production, empower entrepreneurs, and implement inclusive policies that place the welfare of Nigerians at the forefront. Together, we can chart a path towards sustainable economic growth and prosperity”.
This medium-learned summit is targeted at proffering policies, and programmes in addressing the issues of continuous rise in inflation, and forex occasioned by fuel subsidy removal.
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