The Nation Newspaper

Tag: NESG

  • Why Nigeria’s socio-economic progress slow, by NESG

    Why Nigeria’s socio-economic progress slow, by NESG

    The Nigerian Economic Summit Group (NESG) has blamed bureaucratic bottlenecks and outdated systems for the lack of economic progress in the country.

    NESG also highlighted corruption as a major obstacle to building public trust and ensuring the effectiveness of Nigeria’s public institutions.

    The Strategic Communications Specialist of NESG, Francis Jakpor, in a press statement, said these would be part of the topics for discussion at the 29th Summit (NES 29).

    He said the group advised stakeholders to, as a matter of urgency, boost transparency, improve efficiency, promote coordination and invest in human capital as essential steps to enhance the capacity of Nigeria’s public institutions.

    He stated: “The Nigerian Economic Summit Group (NESG) has highlighted corruption as a major obstacle to building public trust and ensuring the effectiveness of Nigeria’s public institutions.

    Read Also: NESG seeks urgent domestic, foreign investments

    “The Think Tank, whose 29th Summit (NES 29) will be exploring the subject as a sub-theme, said the state of Nigeria’s public institutions plays a crucial role in driving socio-economic growth. It however added that bureaucratic bottlenecks, outdated systems, and limited human resources further hinder the timely and effective delivery of public services, and ultimately, socioeconomic progress.

    “Additionally, inadequate inter-agency cooperation and coordination lead to fragmentation, duplicated efforts, inefficiencies, and policy inconsistencies. To overcome these challenges, sustained efforts, political will, and a comprehensive approach to reform are necessary,”.

    He added, “The NESG also advised stakeholders to, as a matter of urgency, boost transparency, improve efficiency, promote coordination, and invest in human capital as essential steps to enhance the capacity of Nigeria’s public institutions.”

    It added: “By establishing effective and responsive governance systems, equitable resource distribution, citizen participation, and decision-making can be fostered, ultimately building public trust, attracting investments, and driving sustainable development.

    “Recently, the NESG announced it will anchor its 29th summit on ‘Pathways for Sustainable Economic Transformation and Inclusion’, in light of the urgency of translating economic growth into improved and sustainable living standards for all citizens.

    “This year’s summit theme hints at Nigeria’s potential for sustainable development, leveraging innovative policies, robust institutions, strategic infrastructural investments, and human capital development.”

  • NESG seeks urgent domestic, foreign investments

    NESG seeks urgent domestic, foreign investments

    The Nigerian Economic Summit Group (NESG) has emphasised the urgency of attracting domestic and foreign investments into the economy.

    The group said such investments should especially be in infrastructure, education and healthcare.

    Director of Research NESG, Dr. Olusegun Omisakin who made the call, said this strategy will not only stimulate economic expansion, but also generate employment opportunities, and drive sustainable development.

    Omisakin’s call was made known yesterday in a press statement by Strategic Communications Specialist, NESG Francis Jakpor.

    Read Also: NESG to tackle unemployment

    Jakpor said Omisakin made the call in preparation for the group’s 29th Economic Summit (NES 29) scheduled to hold from 23 – 24 October.

    He said the summit will be highlighting themes on optimising resources, embracing innovation, and enhancing skill acquisition and how Nigeria can shore up its domestic and global competitiveness.

    He also stated that the NESG has tasked stakeholders to leverage existing resources as a pipeline towards stimulating Nigeria’s economic recovery.

    According to Omisakin, “Strategic trade expansion in non-oil sectors with a focus on exports will diversify external revenue sources, reduce reliance on the oil and gas industry and elevate Nigeria’s economic complexity on the global stage. Additionally, it will leverage the potential of the African Continental Free Trade Agreement (AfCFTA), build resilience against external shocks, and forge a more equitable, inclusive, and sustainable economy that benefits all Nigerians.”

  • NESG to tackle unemployment

    NESG to tackle unemployment

    The Nigerian Economic Summit Group (NESG), said it is working strategically to address Nigeria’s high unemployment and minimise brain drain in the nation’s economy.

    The body said it would address the issues critically as sub- theme in its forthcoming NES 29 Summit, and explore options to stem the emigration of highly skilled professionals, which deprive Nigeria of valuable human capital assets.

    Chairperson, Central Organising Committee at the NESG 29th Summit (NES 29), Ms. Amina Maina, who made this known  in a statement, said the issues around high levels of youth unemployment that have hindered the utilisation of human capital, contributing to economic underperformance, will  be spotlighted.

    Wherever you go around the world, you hear that the best people, whether in education, healthcare, the financial industry, or even in infrastructure, are Nigerians, she said, adding that “we must find a way to keep and retain our best brains in the country.

    “We hope that at NES 29, the private sector community will be able to give us bold ideas, which will be a way of turning things around,”

    Read Also: NESG to target unemployment, brain drain

    She said the summit would enable stakeholders to brainstorm on measures to reduce the unemployment rate, ensure youths were gainfully employed and have something to look forward to.

    “We desire to use the human capital we are blessed with to put Nigeria back on the trajectory where it should be. We should be able to take our place amongst the comity of nations because we do have the best and brightest and with the right system, we can retain them back home.”

    She said that the theme for the NES 29 summit, ‘Pathways for Sustainable Economic Transformation and Inclusion’, is aimed at translating economic growth into improved and sustainable living standards for all citizens.

  • NESG to target unemployment, brain drain

    NESG to target unemployment, brain drain

    The Nigerian Economic Summit Group (NESG), said it is working strategically to address Nigeria’s high unemployment and minimise brain drain in the nation’s economy.

    The body said it would address the issues critically as sub- theme in its forthcoming NES 29 Summit, and explore options to stem the emigration of highly skilled professionals, which deprive Nigeria of valuable human capital assets.

    Chairperson, Central Organising Committee at the NESG 29th Summit (NES 29), Ms. Amina Maina, who made this known  in a statement, said the issues around high levels of youth unemployment that have hindered the utilisation of human capital, contributing to economic underperformance, will  be spotlighted.

    Wherever you go around the world, you hear that the best people, whether in education, healthcare, the financial industry, or even in infrastructure, are Nigerians, she said, adding that “we must find a way to keep and retain our best brains in the country.

    Read Also: Same product, different prices: Agonies of Nigerians paying more for fuel

    “We hope that at NES 29, the private sector community will be able to give us bold ideas, which will be a way of turning things around,”

    She said the summit would enable stakeholders to brainstorm on measures to reduce the unemployment rate, ensure youths were gainfully employed and have something to look forward to.

    “We desire to use the human capital we are blessed with to put Nigeria back on the trajectory where it should be. We should be able to take our place amongst the comity of nations because we do have the best and brightest and with the right system, we can retain them back home.”

    She said that the theme for the NES 29 summit, ‘Pathways for Sustainable Economic Transformation and Inclusion’, is aimed at translating economic growth into improved and sustainable living standards for all citizens.

  • NESG to fight brain drain, unemployment

    NESG to fight brain drain, unemployment

    Nigerian Economic Summit Group (NESG) is set to curb brain drain and unemployment through human capital development.

    The group has urged stakeholders to prioritise human capital development as a step in addressing Nigeria’s challenges.

     It intends to push the agenda at the 29th summit (NES 29) holding from October 23.

     Strategic Communications Specialist at NESG, Francis Jakpor, in a statement, said the summit would explore the subject that emigration of skilled professionals deprives Nigeria of human capital.

     He added that youth unemployment hinders utilisation of human capital, thus contributing to economic underperformance.

     Jakpor said: “Against this backdrop, Amina Maina, chairperson of NES 29 Central Organising Committee, said this year’s summit seeks to galvanise bold ideas from public and private sectors to keep the youth productive and minimise brain drain.

    Read Also: NESG endorses Tinubu’s 8-point agenda

     She said: “Wherever you go, you hear the best people – in education, healthcare, finance or infrastructure, are Nigerians. We must find a way to keep and retain our best brains.’’

      “We hope at NES 29, the private sector will give us ideas to turn things around. From the public sector, we hope to find a synergy that brings both together to reduce unemployment.

     “We desire to use human capital to put Nigeria back where it should be because we have the best and brightest, and with the right system, we can retain them back home.”  

    He added, ” Recently, the NESG announced it will anchor its 29th Summit on ‘Pathways for Sustainable Economic Transformation and Inclusion’, in light of the urgency of translating economic growth into improved and sustainable living standards for all citizens.

    “This year’s summit theme hints at Nigeria’s potential for sustainable development, leveraging innovative policies, robust institutions, strategic infrastructural investments, and human capital development.”

  • NESG, others advocate food fortification compliance

    NESG, others advocate food fortification compliance

    Nigerian Economic Summit Group (NESG), in collaboration with eHealth Africa and  Civil Society Legislative Advocacy Centre  (CISLAC) have advocated food fortification compliance to address micronutrient deficiencies.

    Speaking at a webinar, Country Director of Global Alliance for Improved Nutrition (GAIN), Michael Ojo, said Nigeria is blessed with agricultural resources, yet finds itself with the challenge of micronutrient deficiency.

     He hailed private sector role in enforcing fortification, and underscored the need for collaboration of sectors.

     Ojo reiterated Micronutrient Fortification Index (MFI), championed by TechnoServe, is advancing the fortification processes, saying this will reduce micronutrient deficiency.

      Global Programme Lead for Food Fortification at GAIN, Penjani Mkambula,  said fortification has not only reduced micronutrient deficiencies but also reducing conditions as goitre, through introduction of iodised salt.

    Read Also: ECOWAS denies approving transition proposal for Niger

    Health System Development Expert, Ibrahim Oloriegbe, said malnutrition is a barrier to growth, reiterating that culture, food habits, power dynamics in a family and purchasing power of individuals and environment may affect or encourage malnutrition.

     “To solve this, educating traditional institutions and religious leaders on importance of consuming fortified foods will reduce micronutrient deficiencies…” he said.

    Oloriegbe noted the challenge of  storage and handling of foods, as vitamins and minerals lose value when stored at wrong temperature, noting community education will ensure retailers and wholesalers handle food to ensure nutrients get to end users. 

    Head Food Group at Standards Organisation of Nigeria (SON), Y.B. Mohammed, represented by Chief Technical Officer, and Acting State Coordinator at Lagos State Office, Aderonke Apim, noted compliance can be achieved through robust regulation, including audit, training and education on standards,

    They recognised, however, challenges to compliance may include lack of awareness on standards, limited capacity to enforce standards, lack of resources to ensure compliance and bias.

  • FirstBank partners NESG on economic summit

    As part of its continued commitment to create an enabling environment and opportunities for the promotion of sustainable growth and development of the economy, First Bank of Nigeria Limited has partnered The Nigerian Economic Summit Group (NESG) to host the 25th Nigerian Economic Summit (NES#25), its yearly flagship event.

    The Silver Jubilee edition of the summit has: Nigeria 2050: Shifting gears as theme; it is scheduled to hold between October 7 and 8 at Transcorp Hilton, Abuja.

    President Muhammadu Buhari, Vice President Yemi Osinbajo and Minister for Finance, Budget & National Planning, Mrs. Zainab Ahmed, are expected to grace the occasion.

    Read Also: Buhari greets First Bank on 125th anniversary

    Other dignitaries are Senate President Dr Ahmad Ibrahim Lawan, Hon. Femi Gbajabiamila, Speaker of the House of Representatives and Mrs. Amina J. Mohammed, Deputy Secretary-General of the United Nations. The Chief Host is Mr Asue Ighodalo, Chairman, the Nigerian Economic Summit Group.

    Chairman, First Bank of Nigeria Limited, Mrs Ibukun Awosika, would speak on Gender Empowerment at the plenary.

    Panelists at the forum include Central Bank of Nigeria Governor, Mr Godwin Emefiele; President/CEO Dangote Group, Alhaji Aliko Dangote;  Bishop Matthew Kukah; Nigeria Governors Forum  Chairman, Dr Kayode Fayemi; Emir of Kano, Muhammadu Sanusi II; Speaker, Oyo State House of Assembly, Hon. Adebo Ogundoyin;  Awosika; member, ICPC, Mrs Hannatu Mohammed; CEO, GIG Group, Mr. Chidi Ajaere; CEO, Jumia Nigeri, Mrs Juliet Anammah, and MD/CEO, Nestle Nigeria Plc, Mr Mauricio Alarcon.

    The event is billed to comprise plenary sessions, exhibitions, design workshops, dinner and the anniversary lecture as well as the presentation of awards and prizes to winners of the NES #25 essay competition and start-up pitching event.

  • NESG, Coca-Cola emphasise sustainable growth

    The advocacy for Nigeria’s growth narratives to focus on inclusive growth received a boost at the monthly Breakfast Forum of the Nigerian-South African Chamber of Commerce held recently in Lagos under the sponsorship of Coca-Cola Nigeria.

    Chairman, Nigeria Economic Summit Group (NESG) and Managing Partner, Trans Sahara Investment Corporation, Mr Kyari Abba Bukar, who was the guest speaker at the occasion in a paper titled “Nigeria’s Economic Outlook and the Imperatives for Inclusive Growth and Development,” called for a three-pronged approach focusing on the productive sector, social inclusion and safety nets.

    While acknowledging Nigeria’s strong growth rates in the 2000s, he noted, however, that this growth was accompanied by rising unemployment and poverty rates, thus, devoid of inclusiveness and widespread development. He said the economic recession in 2016 and the process of recovery in 2017, both of which were triggered by developments in the oil sector, further raises concerns about the pattern and quality of the country’s economic growth and that this anomaly should not continue into 2018 and beyond.

    Consequently, Bukar counselled that the “imperatives for sustainable growth and development should be based on the three pillars of inclusive growth, firstly, achieving growth based on and led by the productive sectors; secondly, pursuing social inclusion and thirdly, providing social safety nets for the poor and vulnerable citizens.”

    Bukar stressed that Nigeria’s economic landscape needs a total rethink. “Making growth inclusive is not a negotiable option for the government. The concern for the economy should go beyond the narrative of mere growth, emphasis should be on ensuring that more resources are efficiently utilised,” he said.

    Among other policy recommendations, Bukar called on the government to ensure macro-economic stability; extend the ease of doing business reforms at state level; implement holistic structural education and health reforms; and review and implement the Nigerian Industrial Revolution Plan (NIRP).

    Contributing to the discourse, Public Affairs and Communications Director for West Africa, Mr Clem Ugorji, said Coca-Cola was proud to sponsor the event as part of the company’s longstanding commitment to promote dialogue and thought leadership on key issues that impact society and development. He said businesses can only thrive where there is an enabling environment, noting that such environment is not defined by infrastructure alone but also by social inclusion and safety nets which are crucial drivers of social stability.

    According to Ugorji, ‘’Businesses must begin to take active interest in promoting and participating in multi-stakeholder dialogues that shape policies for inclusive growth and stable environments, taking cognisance of the fact that the best business strategies and ample resources cannot guarantee sustainable business success in an environment of increasing poverty and chaos.’’ He said Coca-Cola is ever conscious of this reality and is therefore guided by the principle that a business is only as sustainable as the community in which it operates.

  • Commission partners NESG on infrastructure

    The Nigerian Economic Summit Group (NESG) and the Infrastructure Concession Regulatory Commission (ICRC) have signed a memorandum of understanding (MoU) to enhance the accelerated delivery of infrastructure in Nigeria through Public Private Partnerships (PPPs).

    According to them, the MoU reflects the appreciation of the roles of the ICRC and the private sector in addressing Nigeria’s huge infrastructure deficit.

    They believe it will create an enabling environment to attract local and foreign private capital to infrastructure projects in the country.

    The areas for collaboration between the parties include the convening of public-private dialogues on infrastructure and associated policy advocacy programmes.

    Both parties will also work together on infrastructure and PPP policy analysis as well as strategy development, capacity building and the engagement of the government, private sector, and civil society on infrastructure, PPP issues and economic policies.

    NESG Chief Executive Officer Mr Laoye Jaiyeola said: “The NESG is delighted with the platform created by this MoU for Nigeria’s private sector to work with the regulator of the PPP endeavours of the Federal Government to catalyse PPPs in our country.

    “We are optimistic that this platform will help create the framework for private capital to flow into infrastructure projects under the PPP model by analysing challenges and advocating for the implementation of the required policy reforms.”

    The shortage of infrastructure such as roads, rail lines, ports, and electricity, is a major challenge impeding Nigeria’s growth and development, said ICRC acting Director General Chidi Izuwah.

    According to him, Nigeria requires over $100billion over the next six years to provide quality oil and gas, power, road and rail infrastructure.

    NESG is a private sector led think-tank organisation that promotes sustainable growth and development in the Nigerian economy.

    It is a not-for profit/non-partisan organisation with a mandate to promote and champion the reform of the Nigerian economy into an open, private sector-led economy that is globally competitive on a sustainable basis.

    Over the years, it has emerged as the leading platform for public-private dialogue in Nigeria.

    The ICRC was established to help  PPP endeavours of the Federal government. The Commission develops and issues guidelines on PPP policies, processes and procedures; works closely with Ministries, Departments and Agencies (MDAs) of the Federal Government to identify potential PPP projects to enable the participation of the private sector in line with international best practices.

    The Commission takes custody of PPP contracts, acts as the interface with the private sector to promote communication on national PPP policies and programmes; collaborates with State Governments to promote an orderly and harmonised framework for development of infrastructure, and accelerates market development for PPP projects

     

  • FirstBank partners NESG on summit

    FirstBank partners NESG on summit

    As part of the continued commitment to drive thought leadership, policy influencing initiatives and sustainable national economic development, First Bank of Nigeria Limited has partnered The Nigerian Economic Summit Group  to host the 23rd Nigerian Economic Summit (NES#23) with the theme: ‘Opportunities, Productivity & Employment: Actualizing the Economic Recovery and Growth Plan’.

    The summit which started yesterday in Abuja, will highlight the significant role of public-private sector dialogue in national transformation. The event is projected to drive “consciousness and build national consensus on what is urgently required to rebuild, revamp and reinforce public-private dialogue for a collaborative and an all-inclusive economic growth”.