Emmanuel OchayiIn a bid to chart a new course for Nigeria’s economic future, the Nigerian Economic Summit Group (NESG) has announced its readiness to host the 29th summit, NES 29.
The summit which has the theme ‘Pathways for Sustainable Economic Transformation and Inclusion,’ aims to provide practical solutions to ensure sustainable growth and improved living standards for all citizens.
The choice of this year’s theme reflects the nation’s potential for achieving lasting development through innovative policies, robust institutions, strategic infrastructure investments, and the development of human capital.
Highlighting the current challenges facing Nigeria, the NESG in a statement said that the country is grappling with issues such as rising unemployment, income inequality, and multidimensional poverty.
These challenges are exacerbated by the uneven allocation of resources, macroeconomic instability, and institutional deficiencies.
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Data from the National Bureau of Statistics (NBS) in 2022 revealed that approximately 62.9 percent of the population lives in multidimensional poverty, posing a significant threat to the development of a vibrant middle class.
With population growth outpacing poverty reduction efforts, Nigeria faces a critical need to prioritize long-term development and shared prosperity.
However, amidst these challenges, the NESG expressed satisfaction with the current administration’s 8-point agenda, aimed at steering Nigeria towards economic recovery.
The group also referenced the World Bank’s forecast of an average annual economic growth rate of 2.9 percent for the country between 2023 and 2025, underscoring the possibility of positive change with collective efforts.
“Nigeria stands at a crossroads, and NES 29 is a critical opportunity to chart a path towards economic transformation and the inclusion of all citizens. It’s imperative that we work together to address the root causes of our economic challenges and unlock our nation’s full potential for sustainable growth and prosperity,” the NESG stated.
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