FG Inaugurates NES #30 Joint Planning Committee
By Patience Ikpeme
The federal government has officially inaugurated the Joint Planning Committee (JPC) for the 30th Nigerian Economic Summit (NES #30), marking the beginning of preparations for the highly anticipated annual event.
The NES #30 serves as a platform for extensive dialogue among policymakers, corporate leaders, the organized private sector, civil society organizations, and development partners. The primary objective of the summit is to bolster the existing mutual and symbiotic relationship between the public and private sectors, ultimately driving Nigeria’s economic development forward.
The Summit, scheduled to take place within the year, is expected to mobilize relevant stakeholders from both the public and private sectors, including representatives from federal, state, and local governments, as well as development partners.
The newly inaugurated JPC will play a crucial role in ensuring the success of the NES #30 by overseeing the preparations and coordination of various key tasks. One of their primary responsibilities will be to prepare the Green Book for NES #30 within three months of its completion, ensuring a comprehensive record of discussions and recommendations made during the summit.
Speaking at the inauguration ceremony, Senator Abubakar Bagudu, the Minister of Budget and Economic Planning, emphasized the significant impact the annual summit has had on shaping government policies.
He highlighted how past summits have contributed to the establishment of a culture of development planning in the country. Notably, the partnership between the public and private sectors facilitated the formulation of the National Development Plan (NDP) 2021-2025 and the Nigeria Agenda 2050. Furthermore, the summit has consistently provided invaluable policy recommendations for the government.
The Chairman of the NES 30 anniversary committee and Vice Chairman of the Nigerian Economic Summit Group (NESG), Omoboyede Olusanya, drew attention to Nigeria’s current economic challenges and stressed the pressing need for immediate action. Olusanya highlighted the country’s weak economic performance, resulting in poor socioeconomic outcomes and declining living standards. In particular, he highlighted that per capita income has fallen from US$2,162.60 in 2022 to US$1,645.76 in 2023. Additionally, the elevated cost of a healthy diet suggests a possible increase in the multidimensional poverty rate, which stood at 62.9 percent in 2022.
Nevertheless, Olusanya remained optimistic about Nigeria’s ability to overcome these challenges, asserting that a collaborative approach is essential for paving the way towards a more prosperous Africa. He noted that Nigeria’s economic struggles mirror those experienced by several other African nations, signaling the need for collective action. Africa’s real GDP growth slowed from 4.1 percent in 2022 to 3.1 percent in 2023 due to various factors, including the Russia-Ukraine war, political instability, security challenges, weak global demand, and climate change. Furthermore, he highlighted that Africa has experienced slow real GDP per capita growth compared to other regions since the 1980s.
The 30th Nigerian Economic Summit, also known as NES #30, is expected to act as a pivotal moment in Nigeria’s economic trajectory. It aims to underscore Nigeria’s significance in transforming the African continent through institutional strengthening, investment promotion, regional integration, sustainable industrial growth, and innovation. The NES #30 will bring together key stakeholders and provide a platform for dialogue, innovative ideas, and concrete action plans to revive and accelerate Nigeria’s economic growth, ultimately leading to a more prosperous Africa.
