The Nation Newspaper

Tag: Nigerian Economic Summit

  • NES 31 to push for inclusive growth

    NES 31 to push for inclusive growth

    The 31st Nigerian Economic Summit (NES #31), themed “The Reform Imperative: Building a Prosperous and Inclusive Nigeria by 2030”, will explore how Nigeria can entrench reform-minded governance, reduce policy reversals, and ensure that reforms are citizen-centred, inclusive, and results-driven.

    These conversations will aim to mobilize multisectoral action, influence public policy, and strengthen Nigeria’s capacity to deliver on its development commitments.

    Organisers of the event, the Nigerian Economic Summit Group (NESG), have assured that this year’s summit “will be more than a policy dialogue—it is a strategic checkpoint for Nigeria.”

    In a statement issued on Monday by Ms. Ayanyinka Ayanlowo, Acting Head of Strategic Communication and Advocacy at the NESG, the summit comes at a time the country seeks to consolidate the gains of past reforms, maintain macroeconomic stability, and lay the foundation for long-term inclusive prosperity.

    According to the statement, the theme reflects the urgent need for bold, systemic reforms that can lead to tangible and measurable development outcomes across all sectors of Nigerian society.

    Guided by three key strategic pillars—Reforms, Resilience, and Results—NES #31 is expected to serve as a rallying point for national consensus on the policy and institutional shifts needed to secure Nigeria’s economic future.

    The summit will be structured around five interlinked sub-themes, each addressing a vital lever of economic transformation. The first sub-theme, Driving Industrialisation-led Growth, will focus on how to expand Nigeria’s industrial base through local value chain development, stronger integration of small and medium enterprises (SMEs), and the application of technological innovation to boost productivity and competitiveness.

    The second sub-theme, Building Infrastructure for Competitiveness, will examine ways to accelerate infrastructure investment across key sectors. Discussions will cover strategies to improve transportation, energy, and digital infrastructure in order to reduce business operating costs, increase productivity, and support Nigeria’s participation in regional and international trade frameworks such as the African Continental Free Trade Area (AfCFTA).

    The third sub-theme, Advancing Inclusion for Shared Growth, will look into strategies for ensuring broader economic participation by historically underserved groups. This includes promoting access to finance, education, healthcare, and job opportunities for women, youth, and marginalised communities. It will also highlight the importance of targeted social and economic interventions that close inequality gaps and drive inclusive development.

    The fourth sub-theme, Strengthening Institutions for Sustainable Impact, will address the need for public sector transformation. Participants will explore approaches to improve government accountability, regulatory quality, and service delivery mechanisms—viewed as essential components for building long-term trust and effectiveness in Nigeria’s governance structures.

    The fifth sub-theme, Unlocking Investment Amid Global Trade Shifts, will focus on how Nigeria can reposition itself as a top-tier investment destination in light of shifting global dynamics. The discussions will cover export diversification, investment promotion, and initiatives aimed at enhancing investor confidence through macroeconomic reforms and regulatory improvements.

    Read Also: How to end Nigeria’s housing crisis, by developer

    As Africa’s most populous country and one of its largest economies, Nigeria’s domestic policy decisions influence broader regional outcomes. NES #31 will therefore consider how Nigeria can lead Africa’s economic transformation through enterprise development, trade, technology, and diplomatic leadership. With regional integration efforts gaining momentum and global trade patterns evolving, the summit will address how Nigeria can deepen its position within regional and global value chains.

    Other key areas of focus will include improving the ease of doing business, unlocking private capital to finance national development priorities, and expanding digital infrastructure and human capital to support Nigeria’s participation in the global digital economy.

    Scheduled to take place from October 6 to 8, 2025, in Abuja, NES #31 will bring together key national and international stakeholders, including business leaders, senior government officials, policymakers, civil society actors, academics, development partners, and youth leaders. The summit aims to provide a space for reimagining Nigeria’s economic future in light of current global challenges and domestic reform priorities.

    Now in its 31st edition, the Nigerian Economic Summit has, since 1993, served as a central platform for shaping the country’s economic policy agenda. It continues to promote structured dialogue between the public and private sectors, with a strong focus on driving sustainable and inclusive economic development for the benefit of all Nigerians.

  • Not T-Pain but T-Hope

    Not T-Pain but T-Hope

    By Kenechukwu Aguolu

    It is no longer news that President Tinubu, who promised Nigerians a renewed hope, is now being referred to as T-Pain by many in less than two years of his administration. His reforms, which focus on the long-term economic prosperity of the country, have brought hardship to the common man.

    Leaders have failed Nigerians in the past, which has led to a lack of trust in the government, making people doubt that the hardship is short-term and worth the sacrifice, especially as the promised interventions have not arrived promptly.

    However, at the 30th Nigerian Economic Summit (#NES30) in Abuja on Monday, 14 th October 14, the vice president of World Bank , Indermit Gill said that Nigeria’s current reforms has to be sustained for the next 10-15 years in order to transform its economy and become an engine of growth in Sub-Saharan Africa.

    During his campaign, President Tinubu said he would make bold decisions for the betterment of Nigeria. In his 2024 Independence Day speech, he stated that Nigeria must reform for progress or collapse. For the common man on the street, this may not make sense; when the cost of living rises, the default reaction is to blame the current government.

    Therefore, Nigerians need to be better educated on the economy inherited by the current administration, where we are now, and the future prospects in light of the consequences of maintaining the current reforms. Just as it is required in change management, those impacted by the change should be properly engaged.

    Read Also: Aviation Minister Keyamo hailed for transformative strides in airports

    When President Tinubu’s government came into power, the economy was in a state of comatose. The country’s debt service to revenue ratio was 97% with an uncleared forex backlog of over $6 billion.

    How can a country survive like this? Something drastic had to be done—President Tinubu directed the removal of fuel subsidies and the floating of the naira, which has saved the government money but has caused hardship for Nigerians due to the resultant inflation.

    The government has promised to invest these savings in infrastructure and the development of critical sectors of the economy.

    Without the reforms of the current administration, the federal government might have soon started defaulting on its financial commitments like salaries and debt servicing, which would have been catastrophic.

    Nigeria has a revenue problem that must be solved urgently by optimizing oil production and diversifying the economy in line with President Tinubu’s Renewed Hope Agenda. Getting debt relief will also go a long way. It is also important to implement cost-efficiency measures and eradicate corruption. None of this can be achieved without the right cabinet in place, with properly communicated deliverables.

    President Bola Ahmed Tinubu promised Nigerians renewed hope, not pain.

    According to him, the hardship being experienced is short-term and a sacrifice Nigerians need to bear for a better tomorrow. However, some of the current backlashes could have been prevented with prompt implementation of intervention programs and policies.

    The government should continuously educate Nigerians on its programs and achievements. President Tinubu has dared to do things differently.

    I would rather call him T-Hope because of his Renewed Hope Agenda for Nigeria.

    • Kenechukwu Aguolu, Kenerek1@gmail.com

  • Why Nigeria experiences fiscal strains, by stakeholders

    Why Nigeria experiences fiscal strains, by stakeholders

    Stakeholders in economy have said Nigeria continues to experience fiscal strains due to sustained contraction in oil and gas since COVID-19. 

     The stakeholders said the government has faced persistently subdued revenue inflows despite considerable growth in non-oil revenue.

     They spoke at the pre-29th Nigerian Economic Summit (#NES29) webinar, with theme “Efficiency to Prosperity:  Mobilising Revenue and Resources’’.

     Chief Executive Officer of Global Mandate Consulting, Suleyman Ndanusa, said igniting economic transformation and establishing a country of prosperity rests on government’s fiscal strength. 

     President of Association of Small Business Owners, Dr Femi Egbesola, said there should be streamlined policies to encourage collaboration between government and stakeholders.

    Read Also: Dangote vows to increase power generation to national grid to boost nation’s economy

      He noted the need for government to be more transparent in finances and reduce expenses as well as pay of office holders while diversifying from oil to non-oil products. 

    President of International Centre for Tax Research and Development, Mrs Morenike Babington-Ashaye, said there should be a body commitment to planning that government can borrow ideas instead of bringing in foreigners with different ideas. 

     She noted Nigeria is affected by foreign exchange rates, foreign reserves, balance of trade and government expenditure.

    Babington-Ashaye said tax collection shouldn’t be government’s only priority, as when people understand how the government works, people can voluntarily pay their taxes.

  • TVC announces broadcast partnership at 23rd NESG summit

    TVC announces broadcast partnership at 23rd NESG summit

    TVC News Channel has announced its designation as the Broadcast Partner to the 23rd Nigerian Economic Summit (NES23) which held between October 10th and 12th in Abuja.

    This annual event is jointly organised by the Nigerian Economic Summit Group and the Federal Ministry of Budget and National Planning.

    The Summit is the largest forum of policy makers and captains of industry from both public and private sectors of the economy who interact and share thoughts on key issues and challenges affecting the Nigerian economy.

    The partnership will see TVC News broadcast keynote speeches and plenary sessions addressed by Vice President, Prof Yemi Osinbajo; Rwandan President, His Excellency Paul Kegame and leading Nigerian and African business figures.

    Commenting on the partnership, TVC Chief Executive Officer Andrew Hanlon said “It is a privilege and an honour to assume the mantle of Broadcast Partner at this hugely important event. We take this responsibility very seriously and we look forward to playing our part in informing the nation on developments as they emerge from the summit. Our esteemed viewers can view the proceedings on our terrestrial and cable channels”.

    Laoye Jaiyeola, CEO, Nigerian Economic Summit Group said: “We are delighted to have the TVC News channel broadcast the deliberations at the 23rd Nigerian Economic Summit. As we interrogate the economic programmes of the Nigerian government, it’s important for all Nigerians and the broader global audience to observe these deliberations and we look forward to the high-quality broadcast that viewers have come to expect from TVC News”.

    As part of its summit coverage, TVC News will transmit live broadcasts of speeches delivered by distinguished private and public sector officials in addition to presenting its flagship news bulletins live from the conference at 4:00 pm and 10:00 pm daily, TVC News’ daily business show Business Nigeria, will also broadcast live from the summit at 2.30pm and 10.30pm with exclusive interviews featuring key summit speakers and guests. The TVC News Channel is available on DSTV Channel 418, Startimes channel 307, and GOTV Channel 45.

  • Stronger, larger petroleum industry regulator coming – FG

    Stronger, larger petroleum industry regulator coming – FG

    The federal government has hinted that a stronger, larger petroleum industry regulator will emerge after the passage of the Petroleum Industry Bill.

    Speaking at one of the breakout sessions of the 2nd Nigerian Economic Summit in Abuja Tuesday, Minister of state for Petroleum Dr. Ibe Kachikwu said “we are still working to make it better, by the time the senate and the entire national assembly finishes what they are doing we are going to see a much stronger, a much larger independent regulator.”

    According to Kachikwu, “whatever model of PIB that we are pushing, the point that Dr Baru made is very, very key to see an independent regulator with very enormous powers, with less of political interference so that individuals could do their work and also whittling down the powers of the minister so that these institutions could work and work well.”

    Kachikwu noted that “the reality is that no one will work as a minister forever, you are going to hand over that portfolio. We should be looking for the system surviving and been able to work well, so it’s something that we are working with the Assembly very hard on and I think if you look at the issues that come up, there are a lot of emphasis on that independence.”

    Kachikwu also said “the federal government would develop Policies that ensures the global decline in fossil energy does not take Nigeria unawares, stating that government is already thinking in that direction.”

    Kachikwu who moderated a panel discussion on energy in a break out session with the Group Managing Director of NNPC Maikanti Baru said “the federal government is currently dealing with the fundamentals‎ of ensuring that the refineries work, and ensure availability of energy sources to meet our day to day energy needs.‎”

    Kachikwu noted that, “the NNPC would have to take over the commercial aspects because they are going to be the one deploying it. As the Refineries get kitted up, we would continue to look at new fossils development programmes, and will see a need to pump out policies that would enable Nigerians see the advantages in terms of costs.”

    Reacting to questions on the bidding for marginal fields, Kachikwu said “the government is determined to ensure transparency in the bidding process so that the public always gets to know who and who gets what and could monitor the progress.”

    ‎According to him, “‎these are some of the issues the Niger Delta communities are always inquiring about and indeed all Nigerians. The more transparent it is, the better for us. We are developing models to ensure better regulations geared towards transparency in the bidding process, and we would alert Mr. President as soon as we are done “Kachikwu notes further.‎”

    Maikanti Baru, the GMD of NNPC ‎ in his own remarks at the panel raised concern that only nine out 14 of those who won the bidding process for the marginal fields are operating a development he described as “not good.”

    He was however assured by the minister of state for petroleum, Ibe ‎Kachikwu that “the Ministry of Petroleum Resources would work closely towards ensuring that concerns and constraints that had hindered the remaining companies who have not swung into action in the marginal oil fields are appropriately addressed.”

  • ERGP: Nigerian Economic Summit begins October

    ERGP: Nigerian Economic Summit begins October

    The 23rd Nigerian Economic Summit (NES23) will hold from October 10 to 12 at the Transcorp Hilton, Abuja.

    It will focus on how to grow the economy through the Economic Recovery Growth Plan (ERGP) mandate.

    Speaking ahead of the summit, Minister of Budget and National Planning, Udoma Udo Udoma, said the  Federal Government would implement measures toward realising a growth target of seven per cent by 2020.

    Udoma said: “The implementation of the Economic Recovery Growth Plan, ERGP is critical to achieving the ambitious goals of this government to diversify the economy and attain a growth rate of seven per cent by 2020.”

    He said the summit would elicit and adopt a solution-based approach in addressing the issues that will expand opportunities, tackle unemployment and improve productivity.

    “This is in line with the aspirations of the ERGP which aims at restoring and sustaining growth, investing in our people, and building a globally competitive economy. The theme is also significant, given the need to sustain the imperatives of the “Made-in-Nigeria” agenda from NES#22.

    ‘’This is expected to enhance the effective implementation of ERGP and also translate to improvement in living standards of the citizen,” he said.

    The theme of the summit is: “Opportunities, productivity & employment: Actualising the Economic Recovery & Growth Plan”.

    According to Udoma, the summit is also significant, given the need to sustain the imperatives of the “Made-in-Nigeria” agenda from NES#22.

    Last year, NES#22 focused on “Made-in-Nigeria” with the aim of getting stakeholders’ commitment to the structural and fiscal changes required to diversify the Nigerian economy by placing much-needed emphasis on Made-in-Nigeria goods and services.

    “It has become an annual dialogue and indeed the flagship event of the NESG providing a credible and widely recognised platform for top policymakers and corporate leaders,” he said.

  • Senate assures on immediate review of tax laws

    Senate assures on immediate review of tax laws

    …PIB to be broken into sections for easy passage, says Saraki

     

    Senate President, Abubakar Bukola Saraki, has assured that the Senate will streamline the country’s multiple taxation system to improve the ease of doing business in Nigeria.

    Saraki stated this during a dialogue at the 22nd Edition of the Nigerian Economic Summit in Abuja.

    While answering questions from the audience, Saraki noted that Nigeria’s corporate taxation system needed to be reformed and revamped to get the country out of the economic recession.

    He said, “With 37 million small and medium scale enterprises providing about 95 percent of our jobs, as we promote ‘Made in Nigeria’, we must also use our legislative powers to amend the taxation laws

    “To get out of this recession, we must provide a business-friendly environment.”

    Speaking on the ‘Made in Nigeria’ theme of the summit, the Senate President lauded the organisers for keying into the Senate’s plan to empower home-grown businesses and ensure that Nigerian brands are strong enough to be patronized by our people and exported abroad.

    He said, “Earlier this year, when in the Senate we started the ‘Made in Nigeria’ campaign, we knew how important it was, but even we did not foresee how far it would go.

    “To promote the patronage of our domestic businesses, the Senate has gone as far as amending the Public Procurement Act to compel government ministries, departments and agencies to key into this initiative.”

    “It is our hope that Nigerian businesses can begin to benefit from the over N2 trillion in government expenditure in the 2016 budget,” he continued, “So that we can reduce the demand on foreign exchange while simultaneously creating employment, moving towards self sufficiency, increasing our GDP and boosting our Internally Generated Revenue (IGR).

    Saraki also stated that the anti-recession Bills that the Senate has scheduled for passage by December ending include: the Petroleum Industry Bill; the National Development Bank of Nigeria (Establishment) Bill; the Nigerian Ports and Habours Authority Act (Amendment) Bill; the National Road Fund (Establishment) Bill; the National Transport Commission Act of 2001; the Warehouse Receipts Act (Amendment) Bill; the Companies and Allied Matters Act (CAMA); the Investment and Securities Act (ISA); the Customs and Excise Management Act; the Federal Competition Bill; and the National Road Authority Bill.

    He noted that since the beginning of the year,  the Senate has worked to fast-track the over 40 priority bills recommended by the National Assembly Business Environment Roundtable (NASSBER), an initiative in which the Nigerian Economic Summit Group (NESG) is a major partner.

    The Senate President also said that one of the plans that the Senate has to ensure the passage of the Petroleum Industry Bill (PIB) in this administration, was to break the Bill into different sections for easier passage.

    The Senate President emphasised that with the passage of the PIB, Nigeria would generate more revenue from oil, putting it on track to come out of the economic recession.

    He noted that by focusing more on outcomes, rather than processes, the Senate has been able to pass 20 Bills for final reading in two weeks.

  • A night of good cheer

    A night of good cheer

    The location was Davos Switzerland, home of the annual World Economic Forum where the world’s political and business leaders have gathered every year for the past 43years to discuss strategies for improving the state of the world.

    The occasion was Ariya….a night of good cheer hosted by the Nigerian government to give the world a sense of what to expect when they visit Abuja Nigeria May 7-9 to attend the 24th World Economic Forum for Africa taking place in West Africa for the first time in the 24 year history of the regional forum.

    Nigeria is truly blessed; in spite the challenges that confront us as a people. We are a nation of great minds and talent.All through our history, we have witnessed moments of epiphany that re-assure us of Nigeria’s high destiny. The enthralling and scintillating performance of the young cast of Kakadu, Nigeria’s rave musical drama ensemble at the World Economic Forum in Davos was one of such moments for me.

    The ‘boys’ and ‘girls ‘gave their souls for our country. They seemed to have sang forever during a 2hour performance which saw the high and the mighty let their hair down lost in the moment with the rhythm of Nigerian music.

    Kakadu, the musical is a story of Nigeria’s glorious past…..when our people were truly one. We lived together in peace and harmony in the true African spirit of being our brother’s keeper. No one cared about the other’s ethnic origin. It didn’t matter. We lived together. We celebrated together. We mourned together. We sang and danced together. In our homes, in our communities, we were one people under one God.

    Then the story changed….and almost reminiscent of Adam’s consumption of the forbidden apple in the Garden of Eden, we acquired a new consciousness and awareness of our ethnic origins. We went to war. We killed each other. We forgot our brothers. We forgot our sisters. We even forgot out children. Nothing mattered anymore. We destroyed our country. With it went our unity and the love we once shared.

    As if in sudden realization of our common humanity and patrimony, the fighting stopped. We made up and began to rebuild our country…… Depending on the generation to which you belong, this may all seem like fantasy……but it is a fact that Nigeria was a truly peaceful country where we lived in harmony with one another. Tongues and tribes differed but we stood in brotherhood as our old National anthem had it.

    The Kakadu act is a throw back to the past and an inspiration for the present and the future. The cast and crew of Kakadu are a very young and talented group of Nigerians.I had watched them practice and rehearse from the previous day. I also recollect addressing them backstage on why that outing was important for our country.I encouraged them to give their best for love of country. They obliged. It was heartening that such proficiency in theater could be displayed by our youth, given how underdeveloped that aspect of the arts is in Nigeria today.

    Kakadu is a trailblazer and I salute the author of the script, UcheNwokedi, SAN and of course his entire crew. This reawakening of Theater in Nigeria with the Kakadu act and the storm that it has created is quintessentially Nigerian! It may take us forever to get there or to get it right but then we do, eventually and then we take over. That is the story of our music and film which today constitute such great interest as fields of study for scholars of Music and Theatre.

    I believe in the high destiny of our country and the talent of our people. The Kakadu story is evidence of the creative genius of our people. Its graphic execution on stage embodies the promise of our nation’s youth. The cast that took our story to the world in Davos hold the key Nigeria’s future. They are the beautiful ones who give of themselves for our country. To all of them and the millions of others who serve and make our country proud in times and places we may not always know, I salute you all.

     

    Review by FNII