Emmanuel OchayiAs Nigerian Economic Summit (NES) 29 nears, the Nigerian Economic Summit Group (NESG) has advocated shifting from government-led funding to a private sector-driven economy for sustainability.
Dr. Olusegun Omisakin, Director of Research at NESG, gave a hint of this innovative approach in a statement released in Abuja.
In preparation for NES 29, scheduled for October 23-24, Dr. Omisakin urged the Nigerian government to mobilize financing in high-growth sectors vital for sustainable development.
He stressed the importance of leveraging a portfolio of competitive investment-grade projects and social investment programs to support sustainable development initiatives.
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Key points of NESG’s approach include:
- Domestic Revenue Mobilization: NESG calls for expanding the tax net and enhancing collection efficiency as essential steps toward funding sustainable development.
- Innovative Financing Mechanisms: The group advocates for innovative financing methods to attract both public and private investment in critical sectors.
- Strengthening Financial Institutions: NESG underlines the need to bolster public and private financial institutions to facilitate effective resource mobilization.
- Public-Private Partnerships (PPPs): Dr. Omisakin emphasized the importance of enhancing PPPs to secure the necessary funds for sustainable development projects.
The theme of NES 29, “Pathways for Sustainable Economic Transformation and Inclusion,” underscores the urgency of translating economic growth into improved living standards for all citizens.
The summit will explore Nigeria’s potential for sustainable development, relying on innovative policies, robust institutions, strategic infrastructural investments, and human capital development.
In a recent report, NESG highlighted the pressing issues facing Nigeria, including rising unemployment, income disparity, and multidimensional poverty. The organization stressed the need to address these challenges by fostering an environment conducive to sustainable economic growth.
“The National Bureau of Statistics (NBS) report in 2022, which revealed that approximately 62.9 percent of the Nigerian population lives in multidimensional poverty, is a threat to the development of a vibrant middle class,” NESG stated.
NES 29 aims to tackle these issues head-on and chart a course toward a more inclusive and prosperous Nigerian economy driven by private sector participation and innovative financing approaches.
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