NES Report #31: Essential Reforms Pave Way for Inclusive Economic Expansion

NES Report #31: Essential Reforms Pave Way for Inclusive Economic Expansion - Chair of NESG Speaks

31st Nigerian Economic Summit Aims to Chart Pathways for Inclusive Growth

The 31st Nigerian Economic Summit (NES#31) is set to take place in Abuja from October 6 to 8, 2021. The event will bring together industry leaders, policymakers, financiers, development partners, and entrepreneurs to discuss critical reforms needed for driving inclusive growth in the country.

The theme of NES#31, "The Reform Imperative: Building a Prosperous and Inclusive Nigeria by 2030", has been drawn from Nigeria's economic realities over the past five years. According to the Chief Executive Officer of the Nigerian Economic Summit Group (NESG), Dr Tayo Aduloju, this year's summit will focus on addressing the necessary reforms to achieve this vision.

The summit will concentrate on identifying not only the reform imperatives but also the constraints hindering economic growth, including obstacles to investment, government expenditure, export growth, consumption, and overall productivity. Aduloju emphasized that to grow an economy, one must expand investment, government expenditure, consumption, while creating a trade surplus, exporting more than one is importing.

The summit aims to convene policymakers, private sector leaders, development partners, and civil society to chart practical pathways for inclusive growth. The focus of NES#31 remains on the five sub-themes: industrialisation-led growth, building critical infrastructure, advancing inclusion, strengthening institutions, and unlocking investment opportunities.

According to Aduloju, the summit will also discuss the need to prioritize reforms to enhance infrastructure. NESG Chairman, Mr Niyi Yusuf, has further emphasized the urgency of these reforms, stating that while previous reforms have provided breathing space, a second wave of reforms is needed for the vision of 2030. Yusuf noted that the Reform Imperative is not about tomorrow; it is about the choices we make today to build a prosperous and inclusive Nigeria by 2030.

The dialogue sessions at the summit will provide opportunities to share practical insights and strategies that could unlock growth, boost competitiveness, and ensure inclusive prosperity for all Nigerians. Yusuf warned that the choice before Nigeria is to either treat current reforms as an end and risk sliding back into fragility, or to use them as the foundation for building a resilient, productive, and globally competitive economy.

Aduloju echoed this sentiment, stressing that reform is no longer a choice but a necessity. The 31st Nigerian Economic Summit promises to be a platform for productive discussions and the forging of collaborations that will propel Nigeria towards a more prosperous and inclusive future.

NES Report #31: Essential Reforms Pave Way for Inclusive Economic Expansion - Chair of NESG Speaks