The Nigerian Economic Summit Group (NESG) has recommended far reaching policy actions to the Federal Government that can turn around the economy if well implemented.
This was disclosed by Tayo Aduloju, the Chief Executive Officer (CEO) of the NESG to journalists on Wednesday, on behalf of the chairman of the planning committee, after the closing ceremony of the 30th Nigerian Economic Summit in Abuja.
Aduloju, while giving an overview of the summit’s outcomes said they NESG called on the Federal Government to tailor the monetary policy towards the growth of the entire economy, and not merely targeting inflation but by calibrating fiscal policies for growth.
He pointed out that sectors that have stagnated, were recommended for economic stimulus plan, stressing that the summit discussed the recalibration of the industrial policy sector under seven items for industrialisation compact.
He disclosed that although the full details of the recommendations would be made public in due course, the summit also deliberated and recommend steps to be taken to ensure not just food security, but must tackle hunger by taking a focused approach to building infrastructure value chain.
The NESG also put forward steps to review government’s assets, restrategise and prepare them for investment.
The Group also agreed on the need for policy consistency and sequencing that favours growth, and most importantly, the need to stay the course.
It called on the citizens to hold the government accountable for growth, and the need for collaboration by both the fiscal and monetary aspects to not only rein in inflation but grow the economy.
Aduloju announced that the draft Creative economy policy is ready and with the government, and will be published soon.
He explained that Nigeria runs a federal democracy and the NESG will continue to talk with all stakeholders until the goals are achieved, adding that the Sub-national investment summit will be held October 2025.
According to him, a summit of Francophone Africa will be held, and separate action framework report for accountability will be done this year, noting that the will conversation.
Aduloju said, “It was important that the summit was a deep reflection, not just of Nigeria, but of the state of Africa. Those that joined us for the Francophone African session on day zero can notice that we pulled our our brothers and sisters in the business community from across the Francophone Africa. And the message was clear, if Nigeria leads, we will follow. There was a strong goal for Nigerian leadership, Nigerian innovation and Nigerian cooperation.
“Sometimes we think this language is really a barrier. I think the lesson from Sunday was, in fact, the Francophone brothers and sisters basically said, why did it take us so long to start to talk? They say they want to be part of the summit on an ongoing basis. In fact, I said bring the summit of Francophone Africa. Let’s talk because we need Nigerian leadership, not just at home. We need it in the region. That’s first outcome is very likely.
“We will be inviting the press, especially those of you that speaks a bit of French to come along, and those of you that cover Francophone to come along on this journey of building a bigger collaboration for African Growth and African pride and African emergence. I think that was a big conversation.
“The summary of that session was that, if Nigeria rises, Africa will rise. This is collaboration for action. The key action point was that we agreed we will do a couple of francophone African economic roundtables and events that build on that collaboration, and you will likely see a stronger Francophone audience at future Nigerian economic summits, to strengthen the partnership, also to strengthen investment flows into Nigeria from Francophone Africa and from French speaking countries.”
The Chairman of Nigeria Economic Summit Group (NESG), Mr. Olaniyi Yusuf, said the Summit was effort by the NESG and the Federal Ministry of Budget and Economic Planning, which also reflected in the theme of the summit, collaborative action for growth, competitiveness and stability.
Mr. Yusuf said, “Three key messages struck with me over the last few days. First is that we need to stay the course and nurture the seeds so that we don’t eat the seeds. Let’s nurture the seeds. Let’s plant, let’s water, let’s put fertilize, and that way we can have a bountiful harvest in a few years time.
“The second message is that there is huge private capital that’s available on the continent, and we had that at our first session on Sunday with business leaders from the Francophone countries.
“We will continue to work with the government and public sector in the region and also Nigeria, to ensure that we’re able to tap into those capital and make them available to support investments and to help realize the SD goals.
“I think the tough thing, and my last reflection is that the opportunity is beyond Nigeria. So Nigeria has signed on into the African Continental Free Trade Area (AfCFTA). So instead of a market of about 220 million people, you now have a market of 1.4 billion. And so as a reference to the Nigerian Economic Summit Group, also to the African Economic Summit Group. And I think for us, and for me personally, that’s just a wake up call that the opportunity is more than Nigeria, it is more than 220 million folks, is more than 400 billion economy, but the opportunity is the African continent, and it is Africans, whether you are on the continent or you are in the diaspora, and I think that really is a challenge before us.
“As we reflect on the 30 years of the summit, and we think about the next steps for the summit, I think these three things will guide some of the actions as a person. And I think the board will reflect on and will see how much of that we can put into action, and then begin to track the result so that it’s not the summit of our view. That’s just my personal reflection and welcome.”
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