Economic diversification, job creation critical to national development —NESG
The Nigerian Economic Summit Group (NESG) has said that for Nigeria to achieve the desired national development, efforts must be focused on diversifying the economy, creating jobs, and fostering a growth trajectory that promotes social inclusion and provides targeted intervention for vulnerable groups.
The acting head, strategic communication & advocacy group, at NESG, Ayanyinka Ayanlowo stated this on Monday, noting that, distributing the benefits of economic growth equitably across all segments of society was essential to achieving sustainable development.
According to Ayanlowo, investing in inclusive growth strategies was crucial for building resilient economies, attracting investments, and ensuring sustainable development that uplifts every citizen.
“This approach addresses economic disparities, enhances social cohesion, and reduces poverty by providing marginalised communities with access to education, healthcare, and employment.
“As Nigeria prepares for the 30th Nigerian Economic Summit (NES #30), the focus on fostering inclusive development takes centre stage.
“This milestone event aims to address current socioeconomic challenges, improve economic competitiveness, and identify pragmatic policies for inclusive growth and development.
“The summit will prioritise collaborative approaches among stakeholders to ensure stability and progress for all Nigerians.
“The first Nigerian Economic Summit in 1993 marked a watershed moment in Nigeria’s economic history. Convened against a backdrop of prolonged economic challenges, it signalled a profound shift from a predominantly state-led economic model to a dynamic, private-sector-driven economy.
“This transition was not merely about changing economic policies but represented a significant shift in the philosophy guiding Nigeria’s development path.
“For decades after independence, Nigeria’s economy was characterised by a government monopoly in business and industry. State-owned enterprises (SOEs) dominated the landscape, supported by substantial public investments intended to spur economic growth.
“The inaugural Nigerian Economic Summit in 1993 was instrumental in advocating for a more private sector-led approach, setting the stage for significant economic reforms,” she said.
Ayanlowo speaking further said that under the theme: ‘Collaborative Action for Growth, Competitiveness, and Stability,’ NES #30 aims to mobilise leaders towards creating shared opportunities for present and future generations.
The summit will emphasise the importance of achieving Africa’s aspirations in a new global context through bold ideas and actions, supported by strong leadership at the industry, national, regional, and global levels.
“As Nigeria and Africa navigate the complexities of the 21st century, the lessons learned and the foundations laid through the summits are more relevant than ever. NES #30 represents a crucial moment for reflecting on our progress and setting a course for a future characterised by inclusive growth, economic resilience, and shared prosperity.
“Since the inaugural summit in 1993, the Nigerian Economic Summit has been recognised as the premier platform for public-private dialogue in Nigeria.
“Over the past 30 years, national and global policymakers and business leaders have acknowledged the annual NES as a vital forum for shaping Nigeria’s economic policies and development strategies,” she added.
