During a news briefing held on Thursday in Abuja, the Minister of Budget and Economic Planning, Senator Atiku Bagudu, made the following statement regarding the 29th Nigerian Economic Summit (#NES29).
The central focus of the upcoming #NES29 conference, taking place from October 23rd to October 24th at the Transcorp Hilton in Abuja, revolves around the theme of "Pathways to Sustainable Economic Transformation and Inclusion."
The theme was selected to explore the necessity of economic transformation within the nation, while also emphasizing the importance of diversity.
The individual stated that the deliberations pertaining to the topic will encompass five specific sub-themes, namely, the promotion of economic growth and the mobilization of financial resources for the purpose of fostering sustainable development.
Additionally, these initiatives encompass the utilization of human capital development, the promotion of national cohesion, and the reformation of governmental institutions, among various other objectives.
According to Bagudu, the sub-themes will focus on the pertinent pillars outlined in the National Development Plan (NDP) 2021–2025, the Nigeria Agenda 2050, and the Renewed Hope Agenda.
The primary objective of the Nigeria Agenda 2050 is to enhance the nation's per capita GDP to $6,000 and $33,000 by the years 2030 and 2050, correspondingly.
Additionally, this initiative aims to reduce the poverty rate to 0.6 percent and lower the unemployment rate to 6.3 percent. Furthermore, it seeks to facilitate the transition of the economy to achieve the greatest per capita GDP among the upper-middle-income nations within the group.
According to the speaker, the plan will be efficiently executed by subsequent administrations through a series of six 5-Year Medium-Term National Development Plans and Annual Budgets.
The minister asserted that the objectives of the Nigeria Agenda 2050 would be expedited through the implementation of the renewed hope agenda and the prioritization of eight key sectors by the present administration.
The NDP for the period of 2021-2025 aims to achieve a growth rate in the double digits while promoting inclusive development.
The ministry is currently engaged in the mid-term evaluation of the National Development Plan (NDP) for the period 2021-2025. The objective of this evaluation is to make necessary adjustments to the plan and ensure that the government's renewed hope agenda is effectively integrated into the NDP 2021-2025.
Bagudu stated that the Ministry will be receptive to novel concepts proposed by stakeholders during the summit, with the aim of facilitating their seamless incorporation into the National Development Plan (NDP) for the period of 2021-2025.
According to his statement, the outcome of the summit will be contingent upon the proactive and intentional engagement of all key players.
According to Bagudu, the stakeholders encompass the federal government, sub-national governments, private sector operators, civil society organizations, the media, and development partners.
The minister expressed appreciation for the contributions and promises made by the many corporate organizations and government entities in facilitating the smooth execution of the summit.
According to Mr. Olaniyi Yusuf, the Chairman of the Nigerian Economic Summit Group (NESG), their primary aim is to facilitate and advance developmental initiatives within the nation.
In light of the dynamic shifts in the global economic environment and the growing disparities, it is imperative to develop a long-term growth strategy that promotes inclusive industrialization, facilitating equal access to opportunities and equitable distribution of both monetary and non-monetary benefits among all members of society.
The lack of comprehensive integration of social issue solutions within specific industrial and economic strategies hampers the developmental prospects of our nation, hence exacerbating disparities in income distribution.
Although poverty rates have decreased globally, it is important to acknowledge that our country still faces the persistent challenges of both extreme and moderate poverty, which are on the rise.
The speaker highlighted that our nation continues to face challenges such as low productivity, insufficient diversification of local economic activity, high rates of unemployment, and job insecurity.
According to Yusuf, a prominent figure, the primary issue of concern for the nation is the imperative to effectively convert economic expansion into enhanced living conditions for the whole of its populace.
Despite witnessing consistent growth over the previous years, the nation is confronted with the challenges of increasing unemployment, income inequality, and multidimensional poverty.
The aforementioned issues are exacerbated by an inequitable distribution of resources, fluctuations in macroeconomic conditions, and shortcomings within institutional frameworks.
According to the National Bureau of Statistics (NBS) in 2022, it was found that over 62.9% of the population, which amounts to around 133 million individuals, resides in a state of multidimensional poverty. This situation poses a significant challenge to the advancement of a thriving middle class.
According to Yusuf, the presence of a young population in the country offers a significant potential for expediting national progress by means of entrepreneurship and innovation.
According to his statement, the nation had the capacity to cultivate a dynamic start-up ecosystem and stimulate economic growth, owing to its substantial reservoir of innovative and driven young individuals.
According to his statement, these individuals with innovative thinking may contribute to the advancement of the Nigerian economy by utilizing technology and introducing disruptive ideas, hence generating employment opportunities.
According to the chairman, the year 2023 offers an additional occasion to exhibit a robust determination to address Nigeria's socio-economic difficulties.
Therefore, the Nigerian Economic Summit Group (NESG) has set its sights on bolstering the significance of entrepreneurship, skills, and innovation, alongside sub-national and local governments, in their capacity as catalysts for economic growth and development.
The primary goal is to promote the development of an economy that is characterized by inclusivity, sustainability, and equity.
"The primary objective of the summit is to facilitate cooperation among various stakeholders from different sectors and develop efficient approaches to advance the principles of good governance across all tiers of governmental administration," he stated.
According to a report by the News Agency of Nigeria (NAN), the Nigerian Economic Summit (NES) is held on a yearly basis and is jointly coordinated by the Federal Ministry of Budget and Economic Planning and the Nigerian Economic Summit Group (NESG).