Why Nigeria must build human capital wealth – NESG

The Nigerian Economic Summit Group (NESG) says Nigeria must make deliberate efforts to build its human capital wealth if the country wants to drive meaningful economic growth.

In view of that, the NESG said the forthcoming National Economic Summit #NES28 will focus on Nigeria’s collective future by identifying major factors for effective policy implementation.

In a statement issued by NESG titled ‘Shared Prosperity for all Nigerians: Why Everyone Should get involved’ the group further stated that #NES28 also seeks to galvanize stakeholders to deliberate on an actionable framework for transformative political leadership and effective governance, to facilitate economic growth and nation building.

“The summit hopes to discern the imperatives for harnessing Nigeria’s latent human capital wealth as a means of securing our collective future by identifying critical factors for effective policy implementation for sustained economic growth.

“#NES28 will also highlight stakeholder actions needed to eliminate barriers to inclusive economic growth and development; Identify pragmatic initiatives to elicit economic leadership at the subnational levels, by adopting a “Bottom Up” approach to economic growth and development and articulate the economic agenda for the incoming leaders in 2023 and beyond”, NESG said.

The group further stated that Nigeria’s dependence on crude oil for the majority of the government’s revenue has been touted as a significant root cause of many economic challenges.

“Volatility in the commodity’s price has continually exposed the economy to external shocks leading to dwindling government revenue, a slowdown in foreign exchange inflows, unpredictability in planning and economic recession.

“The neglect of other viable sectors has hampered holistic economic development and contributed to worsening economic indices such as rising inflation, unemployment, and currency devaluation.

“The neglect of other viable sectors has hampered holistic economic development and contributed to worsening economic indices such as rising inflation, unemployment, and currency devaluation. The recognition of the effects of non-inclusive growth has pushed forward a rethinking of economic growth priorities based on the need to raise citizens’ welfare and leveraging the guiding principle of shared prosperity”, the statement added