Tag: NESG

  • NESG summit to create strategies for inclusive growth, others

    NESG summit to create strategies for inclusive growth, others

    The 30th edition of the Nigerian Economic Summit (NES #30) will create strategies for ensuring stability, fostering inclusive growth, and enhancing competitiveness on the continent, the Nigeria Economic Summit Group (NESG), has said.

    NESG, in a statement by its Acting Head of Strategic Communication and Advocacy, Ms. Ayanyinka Ayanlowo, noted that the summit will take place from October 14-16, 2024, at the Transcorp Hilton Hotel in Abuja.

    According to the statement, this milestone event will focus on the theme “Collaborative Action for Growth, Competitiveness, and Stability,” addressing the key challenges and opportunities facing Nigeria’s economy.

    For three decades, NESG has played a pivotal role in shaping Nigeria’s economic landscape. As a private sector-led think tank and policy advocacy group, NESG has consistently worked to bridge the gap between the public and private sectors.

    The annual summits have been instrumental in fostering dialogue, influencing policy, and driving economic reforms across various sectors.

    The inaugural Nigerian Economic Summit in 1993 was a response to the need for transitioning Nigeria from a state-led economic model to a private sector-driven economy.

    This shift has since been crucial in promoting innovation, efficiency, and competitiveness, marking significant reforms in banking, telecommunications, maritime, seaports, and energy sectors.

    The upcoming NES #30 will focus on the imperative of collaboration among governments, businesses, civil society, and international partners to address Nigeria’s and Africa’s socioeconomic challenges.

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    The summit aims to create strategies for ensuring stability, fostering inclusive growth, and enhancing competitiveness on the continent.

    As the most populous country in Africa, Nigeria’s economic health has a profound impact on the broader region.

    The Summit will highlight Nigeria’s role in driving regional trade, investment, and economic diversification, emphasizing the importance of collaborative efforts in promoting sustainable development across Africa.

    NES #30 will also address key areas such as strengthening institutions, attracting and managing investments, enhancing regional integration, promoting industrial growth, and fostering innovation to maintain global competitiveness.

    As the date approaches, stakeholders are called to participate actively in the discussions that will shape the future of Nigeria and the continent. Through collaboration, the Summit aims to pave the way for a brighter economic future for all Africans.

  • Africa Art Fund, NESG to boost Nigeria’s creative economy

    Africa Art Fund, NESG to boost Nigeria’s creative economy

    The Africa Art Fund and the Nigeria Economic Summit Group (NESG) are collaborating to create a new opportunity for young Nigerian artists under the age of 35. To commemorate NESG’s three decades of operation, the partners have launched a national art competition exclusively for developing talent in this age group.

    The competition, which has a September 14 deadline for entries, is significant because it provides young artists with a rare opportunity to get financial support and recognition. Additionally, this programme has the potential to significantly contribute to the development of Nigeria’s next generation of artists by utilising the nation’s growing international prominence for its vibrant art scene to boost the country’s creative economy.

    The organisers have announced that artists should submit their work via the Africa Art Fund or NESG websites by September 14. From a shortlist of 20, a panel of judges will choose the top three winners. Prizes of ₦3 million, ₦2 million, and ₦1 million will be given out at the NESG conference in Abuja this October.

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    The works of the finalists will be exhibited exclusively at the forthcoming summit, and the winners will receive rewards. A thorough two-month workshop and leadership development programme will also be available to participants, giving pupils the tools they need to thrive in the cutthroat world of the arts. This programme supports the objective of NESG, which is to encourage a private sector-driven economy in Nigeria. NESG works with the Africa Art Fund to harness the potential of art as an engine for economic progress. The president and CEO of Africa Art Fund, Ifesinachi Nwanyanwu, believes that this collaboration presents a special opportunity to emphasise the role that art plays in stimulating the economy.

    Nwanyanwu, a renowned environmental artist and curator, explains that the Africa Art Fund concept was methodically designed to complement this purpose and empower artists to contribute to Nigeria’s economic progress. Drawing on his personal experiences as a self-taught visual artist who struggled financially early in his career, Nwanyanwu, a crop production graduate from the University of Nigeria, Nsukka, realised the importance of support structures for artists and creatives to thrive. “I’ve always explored ways to support fellow creatives,” he discloses.

    Nwanyanwu’s personal artistic experiences have provided him with a thorough awareness of the difficulties that creatives confront while seeking assistance. Having suffered with financial restraints and limited resources early in his career, he is motivated to discover ways to inspire and empower other artists. Nwanyanwu has worked to build a supportive environment for artistic growth through his work at a gallery, which he co-curates alongside Uzodinma Iweala.

    However, it was his participation in the prestigious International Visitors Leadership Programme (IVLP) in 2023 that solidified his concept for the Africa Art Fund. Recognised by the US State Department for his community service, he embarked on a three-week travel around the United States, which helped define his concept.

    Nwanyanwu’s participation in the International Visitor Leadership Programme (IVLP) enhanced his understanding of the art and cultural ecosystem, emphasising the importance of philanthropy contributions in driving growth. This experience led him to start the Africa Art Fund, which aims to adopt effective models and create a comprehensive support structure for Africa’s creative community. He hopes to raise more than $100 million in funding for innovative art initiatives across Africa during the current fiscal year.

    In order to do this, he highlights the value of grassroots involvement and exhorts people to give to the cause. Nwanyanwu emphasises the importance of community ownership and participation for sustainability, pointing out that businesses and individuals in Africa and the diaspora are prepared to donate large sums of money because they understand the positive effects of art on community cohesiveness and economic development. Through advocacy, grantmaking, and leadership, the Africa Art Fund aims to close the gap in philanthropy and charity in the fields of art and culture, ultimately enabling communities to take charge of the discourse and effect good change.

    The purpose of the Africa Art Fund is to offer financial assistance to a wide range of artistic disciplines, such as literature, visual arts, performing arts, and more. The fund’s grant distribution procedure is rigorous and open, with a committed committee supervising the distribution of grants according to specified standards. In order to guarantee a fair and impartial selection process and allow the fund to promote creative and significant projects, each proposal is thoroughly reviewed. According to Nwanyanwu, there is a thriving new generation of artists in the area who are pushing limits and showing off their skills.

    However, the business suffers finance difficulties, a scarcity of dedicated venues, and insufficient government assistance. Despite these challenges, Nwanyanwu feels the scene has room for expansion with government and private sector participation. Recognising the power of art and creativity to drive economic development and social cohesion, the Africa Art Fund intends to address these challenges over the next five years through strategic leadership, grantmaking, and advocacy, with the ultimate goal of fostering a thriving and sustainable creative ecosystem.

  • NESG’s Advisory Council to champion economic reforms

    NESG’s Advisory Council to champion economic reforms

    Nigerian Economic Summit Group (NESG) has inaugurated its National Economic Advisory Council to foster an open, inclusive, sustainable, and globally competitive economy.

    The council, launched at the weekend  in Abuja,  comprises economic experts with research experience in African and Nigerian economic issues.

    NESG, in a statement, noted the council will convene quarterly to receive briefings on the economy, deliberate on findings and challenges, and advice on short, medium, and long-term economic policy advocacy.

    In addition, the council will hold an annual retreat to evaluate and refine NESG Research Agenda and assess its impact on its advocacy and reform activities.

    NESG Chairman, Niyi Yusuf, emphasised the urgency of inaugurating the council following economic challenges as implementation of fuel subsidies and exchange rate reforms, food insecurity, declining living standards and poor Human Capital Development (HCD) indicators, and others.

    He said: “Nigeria has encountered economic and political obstacles in recent years, underscoring the need to redesign its systems and address structural issues. One pressing concern is translating economic growth into improved lives and livelihood of citizens. Despite growth, the country grapples with income disparity, multidimensional and working poverty. These challenges are worsened by uneven allocation of resources, macroeconomic instability, and institutional deficiencies.”

    Read Also: NESG to hold national economic dialogue in August

    Yusuf highlighted the role of the council in guiding NESG on evolving economic development philosophies, policy frameworks, and approaches that align with its mission.

    “With your support, NESG will lead the charge in economic policy advocacy, foster an environment where the private sector can thrive and contribute to development. We are grateful and I appreciate you for accepting this invitation to serve and drive change that can shape the future,” he said.

    The members include: Prof Osita Ogbu; Dr. Mohammad Sagagi; Dr. Friday Ohunche; Prof Risikat Dauda; Dr. Yemi Kale; Prof Jonathan Aremu; Dr. Aloysius Ordu; Prof Ummu Jalingo and Dr. Adedoyin Salami.

  • NESG calls for review of data integrity, institutional reforms

    NESG calls for review of data integrity, institutional reforms

    The Nigerian Economic Summit Group (NESG) has emphasised the importance of addressing data integrity issues as it  negatively impacts the nation’s credibility.

    Without comprehensive reforms, NESG warned that the data infrastructure across various sectors will not be able to provide the high-quality, frequent datasets that citizens, policymakers, and investors rely on today.

     Speaking in Lagos, the Chief  Executive, NESG, Dr. Tayo Aduloju, highlighted the necessity of accurate data analysis in governance as Nigeria faces challenges related to security, economic growth, and equity. Aduloju  explained that nationwide data integrity faces a major crisis, as states have not  done enough to  address  the  present barriers to fixing it.

    He stressed the importance of collaboration between states and the Federal Government to establish a national database that reflects the country’s performance on key socioeconomic indicators, enabling policymakers and investors to make well-informed decisions.

    Aduloju also mentioned that the data crisis in Nigeria has reached a critical level, affecting the credibility of data releases in sectors such as  agriculture .

    He  identified commitment, coordination, and cooperation as essential elements of effective policies, emphasising the need to adapt institutions to local dynamics and address specific challenges that hinder inclusive development.

    He noted that the nation’s  data  crisis has become too severe to be ignored with the development of the statistical system in agriculture and other sectors  remaining  stunted and  impacting the credibility of data releases.

    According to him, users of official statistics have stated that the lack of a clear road map to address this crisis, urging for improved funding of the National Bureau of Statistics (NBS) and the establishment of nationwide architecture that is able to meet the emerging needs of data users.

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    Against a backdrop of macroeconomic challenges, Aduloju noted that there is urgency in the need to promote  transparency in governance and to close the gap between what leaders say and how they act, and the steps organisations can take to achieve it.

    On the recent agricultural sector census, Aduloju noted that the growing spate of data inconsistencies led to demands for reforms in statistical governance.

    According to him, the vacuum created by the absence of reliable agricultural sector census has inhibited visible progress on  meeting  the requirements of real-time monitoring.

    He noted that the sector ’s inability to harmonize statistical standards and check l quality has created a huge vacuum.

    He indicated that the agricultural sector statistical crisis presents an opportunity for inexpensive reforms that can sharpen the nation’s competitive edge and that both state and Federal policymakers should be  keen to ease the path for potential investors.

     He reiterated that Nigeria’s agricultural and other sectors need a world-class statistical system to build a competitive economy.

    He reaffirmed the determination of NESG to partner with the government towards achieving a prosperous, inclusive, resilient, and sustainable country , while sustaining its efforts to eradicate extreme poverty.

  • NESG urges govt to reconsider policy on cybersecurity levy

    NESG urges govt to reconsider policy on cybersecurity levy

    The Nigerian Economic Summit Group (NESG) has urged the federal government to reconsider the policy on cybersecurity levy due to potential negative consequences for the economy and the welfare of Nigerians.

    The NESGin a statement raised several key concerns about the levy.  “We posit that the levy should be targeted at high-net-worth individuals and a specific amount transferred electronically,” the group suggests.  

    They highlighted the current economic challenges faced by Nigerians, stating, “the populace is still battling skyrocketing food and non-food prices.”  The NESG fears the levy could lead to a boycott of electronic funds transfers, ultimately harming government revenue collection.

    Beyond the immediate financial impact, the NESG questioned the timing of the policy.  They pointed out that, “this policy is coming when the Presidential Committee on Fiscal Policy and Tax Reforms is yet to finalise its mandate.” 

    The committee’s goal of streamlining the number of taxes could be undermined by the introduction of a new levy.  

    The NESG emphasizes the need for  “proper consultation” and a  “sequenced approach” to economic reforms to minimize disruption.

    The NESG also acknowledged the CBN’s stated goal of fighting cybercrime but expressed reservations about the levy’s effectiveness. 

    “The policy could also create loopholes for cybercriminals to devise alternative routes,” the group warns.  

    They called for a more comprehensive approach  “involving the collaborative efforts of financial institutions, security agents, the EFCC and other key stakeholders.”  

    Furthermore, the NESG noted the potential for  “citizen exploitation” by banks despite the proposed exemptions.  

    They urged the CBN to  “be proactive in monitoring banks’ implementation.”

    The NESG was particularly concerned about the potential negative impact on the government’s financial inclusion goals.  

    “We are concerned that implementing this policy at this critical time will decelerate the pace of achieving the 95 percent financial inclusion target of 2025,” they stated.  

    The group fears the levy will discourage Nigerians from using the formal financial system, potentially leading to a rise in cash transactions.

    Read Also: NESG urges state govts to boost economythrough private sector partnership

    The group proposed alternative strategies for improving cybersecurity and financial system efficiency.  They suggested  “reducing banks’ transaction costs” and  “signaling clarity to improve trust in the financial system.”  

    These measures, they argue, would incentivize financial inclusion and ultimately bolster the fight against cybercrime.  

  • NESG urges state govts to boost economythrough private sector partnership

    NESG urges state govts to boost economythrough private sector partnership

    The Nigerian Economic Summit Group (NESG) has called on state governments to prioritize collaboration with the private sector to drive economic growth.

     This call comes amidst concerns about the current economic situation in the country and calls to state governments to do more for their people giving the enhanced revenue most of them have enjoyed since the administration of President Bola Ahmed Tinubu came into power.

    Read Also: NESG to governors: boost economy through private sector partnership

     Speaking at the signing of a Memorandum of Understanding (MoU) with the Conference of Speakers of State Legislatures of Nigeria (CSSLN) under the State Assemblies’ Business Environment Roundtable (SABER), NESG Chairman Mr. Niyi Yusuf emphasized the importance of this partnership.

     He highlighted the potential of various sectors, such as agriculture, trade, and manufacturing, to contribute to economic growth at the state level.

     The NESG believes that creating an “enabling business environment” is crucial for attracting investments and boosting productivity. This includes establishing legal and regulatory frameworks that are easy for businesses to navigate, fostering trust and integrity, and promoting overall stability.

  • NESG to governors: boost economy through private sector partnership

    NESG to governors: boost economy through private sector partnership

    The Nigerian Economic Summit Group (NESG) has called on state governments to prioritise collaboration with the private sector to drive economic growth.

    This plea arises amidst concerns about the current economic situation in the country and calls to state governments to do more for their people, considering the increased revenue many of them have received since President Bola Tinubu’s administration assumed power.

    Speaking at the signing of a Memorandum of Understanding (MoU) with the Conference of Speakers of State Legislatures of Nigeria (CSSLN) under the State Assemblies’ Business Environment Roundtable (SABER), NESG chairman, Niyi Yusuf emphasised the importance of this partnership.

    He highlighted the potential of various sectors, such as agriculture, trade, and manufacturing, to contribute to economic growth at the state level.

    Read Also: Food fortification gets boost at NESG roundtable

    The NESG believes that creating an “enabling business environment” is crucial for attracting investments and boosting productivity. This includes establishing legal and regulatory frameworks that are easy for businesses to navigate, fostering trust and integrity, and promoting overall stability.

    By fostering a conducive environment for businesses, particularly Nano, Micro, Small and Medium Enterprises (NMSMEs), state governments can unlock opportunities for innovation, job creation, and wealth generation. Ultimately, a thriving private-sector supported by a strong business environment is seen as the foundation for a resilient and prosperous economy.

    The MoU between the NESG and the Conference of Speakers signifies a commitment to working together to improve the business environment across Nigerian states. This collaboration aims to achieve sub-national competitiveness, sustainable growth, and inclusivity through various initiatives.

    The SABER platform will serve as a key driver of this collaboration. It will offer technical support, advocate for policy changes, engage different stakeholders, and provide capacity-building programs and research for the sub-national legislatures. This platform aims to ensure effective collaboration between all relevant parties.

    Hon. Edward Adebo Ogundoyin, Chairman, the Conference of Speakers of State Legislatures in Nigeria, expressed optimism about the partnership. He believes that the joint efforts will yield positive results that benefit citizens and contribute to the nation’s overall development.

    This collaboration signifies a step towards fostering dialogue and implementing projects that enhance the business climate at the state level, ultimately paving the way for improved sub-national competitiveness and a stronger national economy.

  • 2024 budget: NESG, others seek increased vote for education

    2024 budget: NESG, others seek increased vote for education

    Stakeholders in education sector have declared that the N2.18 trillion voted for education falls short of the United Nations Educational, Scientific and Cultural Organisation (UNESCO) recommendation of between 15% and 20% of the expenditure to be spent on education, Assistant Editor Bola Olajuwon writes.

    When President Bola Tinubu presented his administration’s first budget to the National Assembly recently, he declared that he is planning to spend N6.75 trillion of its projected N27.5 trillion budget on defence and security, education and infrastructure in 2024.

    But, the Minister of Budget and National Planning, Abubakar Bagudu, at during the presentation of the 2024 budget breakdown later, he said of the amount, N1.23 trillion is for the Federal Ministry of Education and its agencies, N251.47 billion for the Universal Basic, Education Commission and N700 billion as transfers to tertiary education trust fund.

    The government also earmarked N2.18 trillion for the education sector. This represents 7.9 per cent of the budget proposal. Bagudu stated that N50 billion of the amount would be for the student loan scheme of the Federal Government.

    Lawmakers praise budget

    National Assembly members across the party lines praised the president’s budget. Senator Jimoh Ibrahim (APC, Ondo South), said, “We have a budget of N9.7tn current expenditure and N8.7tn capital expenditure.” Also, Chairman of the Senate Committee on Appropriations, Solomon Adeola, (APC, Ogunjobi West) stated that the budget would benefit the country. Chairman of Senate Committee on Public Account, Aliya Wadada (SDP, Nasarawa South) said: “It is obvious the President’s agenda is a people-oriented budget.”

    Education ministers commend Tinubu over budget

    Education Minister Prof. Tahir Mamman and the Minister of State for Education Dr. Yusuf Sununu praised President Tinubu over the budget proposal for the education sector, describing the development as a significant improvement over the last couple of years.

    According to the two ministers, this underscores the premium President attaches to the education sector.

    The minister spoke at the start of a two-day retreat for education stakeholders in Uyo, the Akwa Ibom State capital. They promised to justify the confidence reposed in them by the President through the faithful implementation of the education roadmap and the renewed hope agenda of Mr. President.

    Prof. Mamman noted that with the Presidency and the National Assembly being on the same page in their resolve to confront the challenges facing the country, this administration is unstoppable.

    Acknowledging the efforts of previous administrations in the development of the education sector, Prof. Mamman noted that a lot still has to be done in the areas of infrastructural development, teacher quality, security of our institutions, as well as access to quality education especially for the vulnerable groups.

     ‘Budget short of UNESCO recommendation’

    However, stakeholders in education and others have declared that the figure falls short of the UNESCO recommendation of between 15% and 20% of the expenditure of developing countries to be spent on education.

    Experts said with a $480.5 billion Gross Domestic Product (GDP) as at 2021, Nigeria is the biggest economy in Africa and 29th in the world, according to the IMF. But, surprisingly, the country’s rather large economy is running on the back of poor funding of its education sector.

    For instance, the education sector received a total of N771. 5 billion in 2021 out of a total budget size of N13.58 trillion. This was 5.68 percent allocation. In the year 2020, education sector received the sum of N671.07 billion, or 6.7 per cent out of N10. 33 trillion budget while in the year 2019, the sum of N620 billion or 7.05 per cent was allocated to education out of N8.92 trillion budget.

    However, late in 2021, Heads of State and Government and Ministers of Education from more than 40 countries adopted the Paris Declaration: a global appeal initiated by UNESCO and France to increase investment in education in the aftermath of the COVID-19 crisis.

    At the height of the pandemic, 1.6 billion children and adolescents were deprived of tuition in the classroom. Among them, 500 million students, mainly in the South, had no access to distance learning. UNESCO quickly rallied by bringing together states, international organisations and businesses within a Global Coalition for Education, which made it possible to ensure educational continuity in 112 countries.

    Despite this unprecedented mobilisation, the situation remains worrying. According to UNESCO’s latest count, schools are still totally or partially closed in 65 countries, affecting 750 million students.

    Since 2015, UNESCO Member States agreed on a level of educational funding of 4 to 6% of GDP or 15 to 20% of public expenditure, but the majority of countries have not yet reached this threshold. Moreover, it appears that low-income countries only allocate 1% of the amount of the post COVID-19 stimulus packages to education, while the richest countries only spend 2.9% of that package on education.

    President Bola Tinubu had promised to reform the tertiary education sector by introducing a sustainable funding model for the sector.

    NESG picks holes in Tinubu’s 2024 budget

    The Nigerian Economic Summit Group, while picking holes in the budget in its sectoral analysis of the budget, faulted the N3.5 trillion allocation to the health and education sectors. The Chairman of NESG, Niyi Yusuf, declared that health and education allocations were lower in the 2024 Appropriation Bill than their respective levels in the 2023 approved budget. He explained that the budget allocation to both sectors was far below the global benchmarks.

    “The allocations to the health and education sectors are far below the global benchmarks of 15 per cent (2001 Abuja Declaration) and 15- 20 per cent (UNESCO standards), respectively,” he said.

    ASUU condemns low education budget, threatens strike

    The Academic Staff Union of Universities said universities across the country may witness strikes next year due to the budget allotted to the education sector and poor lecturers’ remuneration.

    Its president, Prof. Emmanuel Oshodeke, explained that during the campaign and election earlier this year, President Tinubu promised to increase the education sector to at least 15 per cent or over.

    He submitted that the UNESCO also recommended a 26 per cent benchmark allocation for the education sector for member states. He complained that Nigeria was the country with the least remuneration for professors globally.

    Oshodeke said ASUU was disappointed when the budget was announced to be N2.18tr or 7.9 per cent of the budget. He added that not much progress would be made in the sector; if the budget was not increased. He advised the government to meet with the cabinet members and increase the budget to 15 or more. “With this seven per cent education budget,  nothing will change in the sector, it is just as we had during Buhari’s time. Tinubu, during his campaign, promised to increase the education budget but nothing.

    “However, there is still a chance for him, to change. But if no improvement on this and our other demands, by next year, we will mobilise our people and we can’t stay like this because Oyo State has 15 per cent and Enugu State budgeted 32 per cent for education, but FG is giving less than eight per cent,” the union leader said.

    ASUP demands increase in education allocation

    The Academic Staff Union of Polytechnics (ASUP) asked the Federal Government to increase the budget allocation for education in the appropriation bill.

    Mr. Anderson Ezeibe, the ASUP President, stated this during at a news conference preceding the union’s 17th biennial national delegates conference in Abuja.  He criticised the current 7.9% earmarked for education in the existing budget and highlighted that the proposed bill allocates 7.9% for the education sector.

     “This implies that the country is further away from a solution to the underfunding in the sector. An upward review is imperative to reflect the actual needs of the sector. This will ensure the total withdrawal of the 2021 circular requesting institutions to make remittances of their internally generated funds.”

    “Also, it will ensure the immediate implementation of the approved new wage structure of 35% and 25% for chief lecturers and other categories of staff in the sector with the arrears,” Ezeibe said.

    CSO advises Fed Govt to increase education budget

    Executive Director of the FlexiSAF, Amina Abubakar, also called on the government and the National Assembly to increase the budgetary allocation to the sector and implement its policy of free basic education for all.

    She made the call after embarking on a walk tagged: “Walk for Education 3.0”, to draw attention of critical stakeholders on the need to improve education in the country.

    According to her,  despite the United Nations goal for education,  Nigeria remains one of the country with the highest number of out-of-school children in the world,  adding that Nigeria still have more than 10 million children out there who can’t afford education.

    Educationist appeals to govt

    An educationist and former school principal, Sehinde Arogbofa, called on the governments at all levels to adopt the recommendation of the UNESCO on education for the betterment of the sector.

    According to him, the UNESCO recommendation that 26 per cent of the national budget should be spent on education would do the education sector of the country a lot of good.

    Arogbofa spoke at the inauguration of an administrative building and a block of science laboratories at Community Comprehensive High School, Ikaram-Akoko in Akoko North-West Local Government Area of Ondo State.

  • NESG holds CEOs roundtable on industrial food fortification

    NESG holds CEOs roundtable on industrial food fortification

    The Nigerian Economic Summit Group (NESG), recently held a roundtable for Chief Executive Officers (CEOs) on Industrial Food fortification and Workforce Nutrition with the theme “Profitable Protections: The Business Advantage of Industrial Food Fortification Compliance and Workforce Nutrition.”

    Speaking, the CEO of Flour Mills Nigeria Plc, Mr Oluboyede Olusanya, said, Nigeria has one of the highest rates of malnutrition in the world and it is imperative to acknowledge the stark reality.

    Olusanya, who was represented by the Director of Group Strategy and Stakeholders Relations, Mr Sadiq Usman, noted that the ripple effect of combating malnutrition extends beyond individual health outcomes; it inherently boosts disposable income within our society.

    In his remarks, the Country Director of the Global Alliance for Improved Nutrition (GAIN), Dr Michael Ojo, said that the economic rationale for embracing food fortification and workforce nutrition is compelling.

    He noted that for every dollar invested in fortification, Nigeria gains a return of up to fourteen dollars in reduced healthcare costs and enhanced productivity.

    He said the Workforce Nutrition Scorecard, an initiative by GAIN and the Workforce Nutrition Alliance, underscores the importance of nutrition in the workplace and that by addressing malnutrition through initiatives like healthy food availability, nutrition education, and support for breastfeeding mothers, we can significantly improve the productivity and well-being of our workforce.

    Also, Senator (Dr) Ibrahim Yahaya Oloriegbe said that a lot still needs to be done to make nutritious foods affordable and accessible to people.

    “Poor nutrition is more than a healthcare concern; it has tremendous, multifaceted economic implications. Poor diet leads to numerous chronic diseases, often resulting in disability and premature death.

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    This deprives individuals of their health, quality of life, and productive potential, hindering their efforts to work full-time or at all, leading to lower wages. For employers, absenteeism, functional limitations among their employees, and the provision of health insurance pose tremendous costs.

    Facilitator of the NESG Agriculture and Food Security Policy Commission, Ms Gloria Ekpo, while giving an overview of the project, said that deficiencies in one or more micronutrients such as iron, zinc, and vitamin A are widespread in low and middle-income countries.

    These deficiencies compromise the physical and cognitive capacity of millions of people. She recommended the continuous use of fortified food products and products rich in vitamins and minerals.

    During the panel session, Senior Programme Manager, GAIN Dr Oluwatoyin Oyekenu said that the government should look to reduce price differentials in fortified products, the digital fortification policy assessment traceability platform where fortification quality data is made available to government and producers in real-time.

    However, the founder of the Food Agriculture Nutrition Network (FANN), Dr Olapeju Phorbee, said that malnutrition affects people, but the ultimate impact is reflected in consumers.

    ”There should be responsiveness to our challenges and compliance at the factory level, but assessments need to go beyond factories.

    ”Research institutions should know what happens along the product value chain, regularly evaluate household products and research fortified products”, Phorbee said.

  • NESG names centre after Ernest Shonekan

    NESG names centre after Ernest Shonekan

    The Nigeria Economic Summit Group (NESG) had honoured former Interim President, the late Dr. Ernest Shonekan by naming its Centre for Legislative Reform and Economic Growth after him.

    The NESG established the Ernest Shonekan Centre for Legislative Reform and Economic Growth to promote collaboration between the private and public sectors in Nigeria.

    It aims to achieve this collaboration by utilizing legislative instruments, which are laws and regulations created by the government, as a means to enhance synergy between the two sectors.

    The NESG said it recognizes that legislation plays a crucial role in shaping the business environment and economic policies of a country.

    Read Also: Lagos APC congratulates Tinubu, Nigerians

    By leveraging legislative instruments, the center aims to create an environment that fosters cooperation and coordination between the private and public sectors, leading to improved economic performance and growth.

     Chairman of the NESG Mr. Niyi Yusuf in his address at the launch said “the Centre will address critical issues about competitiveness and sustainability through enhanced synergy between the private and public sectors using legislative instruments.”

    The Ernest Shonekan Centre for Legislative Reforms and Economic Growth he noted will provide a unique platform for which the three initiatives strategically position the Centre to promote reforms to critical sectors of our economy.