FG, NESG to unlock Nigeria’s economic potentials

The Minister of Budget and Economic Planning, Senator Abubakar Bagudu, says it is in strategic partnership with the Nigerian Economic Summit Group (NESG) and other private sector players to create a favorable environment for investments in Nigeria, highlighting the importance of the private sector as the engine of growth.

The minister who stated this during a press conference over the weekend ahead of the 30th Nigerian Economic Summit, underscored the urgency for reforms and collaborative efforts to address the situation.

Senator Bagudu, who was represented by the Permanent Secretary in the ministry, Emeka Obi, said, “The private sector would serve as the engine of economic growth, while the government would implement policies and regulations to promote a favorable business environment, aiming to achieve a high rate of investment and savings.

“In this context, the Summit will, among other things, set an economic policy agenda for stable and accelerated growth, underpinned by sustainable and inclusive development; deliberate on an actionable framework for transformative political leadership and effective governance to strengthen the Nigerian state’s capacity to deliver dividends of democracy; build consensus on the imperatives for transforming Nigeria’s human capital into national productive and innovative capacity,” he said

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Mr. Niyi Yusuf, Chairman of the NESG, in his welcome address, acknowledged that Nigeria is facing unprecedented economic challenges and social discontent, highlighting the urgency to rethink and redesign systems to address underlying structural issues.

He said one of Nigeria’s key concerns is translating economic growth into improved lives and livelihoods for all its citizens, as the country contends with significant security challenges exacerbated by the devastating effects of climate change, leading to humanitarian crises and the displacement of millions.