Fed Govt Encourages Private Sector to Drive Economic Growth
By Patience Ikpeme
The Federal Government has reiterated its commitment to supporting the private sector as the engine of economic growth in Nigeria. Minister of Budget and Economic Planning Senator Abubakar Bagudu made this statement at the press briefing for the 30th Nigerian Economic Summit.
Senator Bagudu, represented by the Permanent Secretary of the ministry, Dr. Emeka Obi, emphasized that the government will focus on implementing policies and regulations that create a favorable business environment for investment and savings. This, in turn, will lead to job creation and the realization of Nigeria’s projected USD1 trillion economy.
The 30th Nigerian Economic Summit, themed “Collaborative Action for Growth, Competitiveness, and Stability,” aims to address key economic challenges and reposition Nigeria on the regional and global stage. The summit will focus on product complexity and competitiveness to unlock the country’s enormous potential.
Mr. Niyi Yusuf, Chairman of the Nigerian Economic Summit Group (NESG), expressed optimism about Nigeria’s potential to become a leading industrializing nation in Africa within the next five years. He highlighted the need for reforms in political, policy, and regulatory systems to unlock local content development, foster sub-national economic diversification, and create a globally competitive business environment.
The NESG, in partnership with the Federal Ministry of Budget and Economic Planning, remains committed to providing a platform for stakeholders to engage in constructive dialogue. The 30th Summit will build upon the conversations from the previous year’s event and focus on identifying pragmatic initiatives to address the impediments to growth and adopt a bottom-up approach to subnational competitiveness.
In preparation for the summit, the NESG has hosted eight pre-summit events covering key sectors such as education, healthcare, financial inclusion, MSMEs, mining, and manufacturing. Additionally, a National Economic Dialogue was held to focus on Nigeria’s economic future, growth, stability, and human capital development. The outcomes of these discussions will be documented in the report of the 30th Nigerian Economic Summit (the 2024 Green Book).
The 30th Nigerian Economic Summit, scheduled to hold from October 14-16, 2024, is expected to provide a platform for stakeholders to discuss and agree on economic priorities for Nigeria in the coming years.
