Tag: Nigerian Economic Summit Group

The Nigerian Economic Summit Group (NESG), in partnership with the Federal Ministry of Budget and Economic Planning, has emphasised the critical role of Micro, Small and Medium Enterprises (MSMEs) in driving inclusive growth, job creation, and poverty reduction.

This was the focus of a Pre-Summit Dialogue on “Driving State-led Reforms for MSME Growth,” held virtually, which brought together government officials, business leaders, and development experts to chart pathways for scaling reforms at the state level.

Delivering the keynote, Director of SMEDAN Lagos, Dr. Bunmi Kole-Dawodu, described MSMEs as the engine and oil of Nigeria’s economy, accounting for nearly half of the GDP and more than 80 percent of jobs.

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He outlined Nigeria’s MSME governance framework, coordinated nationally through the Office of the Vice President and at the state level under governors, stressing that effective reforms require partnerships among NESG, SMEDAN, and state agencies.

Using Lagos as a model, he underscored the value of coordinated engagement across government tiers to maximize impact.

Panel discussions moderated by NESG’s Thematic Lead on Access to Markets, Dr. Weyinmi Eribo,  showcased successful initiatives from Lagos, Enugu, and Plateau States.

Executive Secretary of the Lagos State Employment Trust Fund (LSETF), Ms. Feyisayo Ayanlade, highlighted the state’s affordable financing model, with loans at 9% annual interest and a 92% repayment rate, supported by financial literacy, tax education, insurance, and advisory services.

Also, the Director-General of the Enugu SME Center, Mr. Arinze  Offiah, stressed the importance of reliable data in designing interventions.

He said linking grant access to data collection helped build trust among small businesses while providing insights for targeted policies.

The Director General of Plateau State Microfinance Development Agency (PLASMIDA), Hon. Bomkam Wuyep, noted that MSMEs remain the most viable option for job creation in states with limited white-collar opportunities, adding that they are central to poverty reduction and local development.

On his part, Group Managing Director of Init Facilities Services, Dr. Tunde Ayeye, urged a shift in Nigeria’s economic assessment from abstract macroeconomic figures to people-centered outcomes such as jobs, healthcare, and education. He warned against unsustainable interventions, advocating instead for reforms that directly improve livelihoods.

The dialogue identified four key priorities for state-led MSME reforms: expanding access to affordable finance alongside financial literacy; developing reliable data systems for evidence-based policymaking; reducing regulatory bottlenecks and promoting business formalization; and strengthening local value chains through skills development, digital adoption, and market access.

Speakers unanimously agreed that state governments, private sector players, and development partners must lead reform implementation at scale to fully unlock MSMEs’ potential in national development.

Experts and leaders at a national dialogue series in Lagos have called for a fundamental shift in Nigeria’s approach to economic and infrastructure development, urging for greater participatory consultation with local communities and stakeholders. The “Development as Attitude” event, organised by the Nigerian Economic Summit Group (NESG), highlighted that a top-down approach has often failed to address the specific needs of communities, leading to unsustainable outcomes.

The event was organised by NESG, under the Nigeria Hamilton Project initiative seek to stimulate national conversations around leadership, governance, and economic transformation.

The speakers included  Former Lagos State Governor,Babatunde Fashola, Executive Chairman, African Centre for Shared Development Capacity Building (ACSDCB), Prof. Olu Ajakaiye; Managing Director/Chief Executive Officer, Sterling Bank Ltd,Abubakar Suleiman; Chief Executive Officer, FATE Foundation, Mrs Adenike Adeyemi, and the  Director General , DAWN Commission, Oluseye Oyeleye ,who was represented  by the  Head of Programmes /Governance Advisor , Abiodun Oladipo .

The panel session was moderated by Executive Director, Policy Innovation Centre ,Dr,Osasuyi Dirisu.

The panelists, emphasised that involving citizens, civil society organisations, and local businesses in the planning and execution phases of projects is essential. Fashola shared a firsthand account from his time as Minister of Power, Works and Housing, where a meeting with traders at the Ariaria International Market in Aba led to a federal commitment to provide electricity for over 39,000 shops. He said electrification of the market became necessary given the huge cost incurred by traders who use generators to power their businesses and the important role small businesses play in driving the economy.

He noted that such collaboration is key to building a more diversified and sustainable economy.

Sterling Bank’s Chief Executive stressed the importance of empowering Nigeria’s brightest minds to tackle future challenges.

He said the bank is offering scholarship to 600 students whose  work covers areas  that  drive innovation, strengthen the economy and tackle the challenges that matter most to Nigerians.

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He posited: “With this support, we’re empowering the talent that will shape a more resilient, inclusive and globally competitive Nigeria.”

He said  the bank recognises the creativity and innovation that are at the heart of industrialisation  and will support  the next generation of talent by enhancing training and mentoring and equipping emerging them  with essential technical and professional skills.

Similarly,  Ajakaiye urged the government to invest more in universities to encourage transformative research and enhance Nigeria’s global competitiveness, citing the U.S. government’s reliance on institutions like MIT for technological solutions.

Mrs. Adenike Adeyemi highlighted the role of innovation hubs in transforming the business ecosystem but acknowledged the challenges in helping local products, such as those from Aba, meet international standards.

According to her, there is a need  to bring together researchers, investors, industry leaders, and entrepreneurs to support  activities taking place across the ecosystem. She emphasised that this will provide a proven framework for turning ambitious ideas into market-ready products and services, while providing access to shared infrastructure that would be otherwise out of reach for early-stage companies.

Ogbu, whose book inspired the event, underscored that participatory consultation builds long-term trust between the government and the public. He argued that engaging citizens fosters a sense of ownership over projects, which can lead to better maintenance and a more active citizenry.

Ogbu also emphasized that investing in quality education is crucial for economic development and national stability.

In his welcome address, NESG CEO Dr. Tayo Aduloju emphasised the need for a change in development attitude, advocating for a collaborative approach between the public and private sectors to achieve a shared vision for national progress

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.

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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.

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.