The 25th Nigerian Economic Summit: Day One Round-up

The 25th Nigerian Economic Summit holding in Abuja, the Nation’s capital for the 25th time is a gathering of Government and Private Sector stakeholders to chart the course of the nation economically.

On the agenda this year, Nigeria marks its Fourth Industrial Revolution, with hopes of making a critical and strategic shift to a competitive private sector economy by 2050 for the Nation. Discussions at NES #25 are anchored on four sub-themes: achieving rapid industrialization, transforming education, managing demography, and sustainable peace and security.

Hash economy brings you the rundown of what happened on the first day of the programme.

The Welcome address and opening remarks by Mr Asue Ighodalo and the Minister of Finance, Budget & National Planning, Mrs Zainab Ahmed respectively highlighted the significance of the National Economic Summit as a testament to the successful partnership of both the private and public sectors of Nigeria to paint the future of Nigeria and sustainably finance it. Questions raised focused on the role of the sub-national Government and its delivery of essential services and shifting gears to leapfrog into a global economy.

The first Plenary session was tagged ‘Competing with Giants. 

• The session explored answers to questions on steps to be taken to prioritize rapid industrialization and education transformation. The strategies discussed highlighted the necessity of commonalities and why they should be encouraged.
• Also, the importance of graduates and the need to be retrained while identifying active areas they can compete as a nation. As such, graduates who are well taught and hands-on in their field serves the Nation a great deal, as Government is involved in creating a healthy environment for the private sector to invest. 

Overall, with assets such as our youth and women well equipped, a definite longterm plan, an enabling government and a rigid educational system as a base, we as a Nation can overcome our challenges and compete globally.

The second plenary session; Nigeria in 2050 – Boom or Bust?, sought to carve a path for the Nation going forward in managing demography and maintaining sustainable peace and security while transforming them into social and business opportunities.

Hence, the necessity of managing the Nation’s diversity creates great opportunities towards improving education and the job-creating process, enhancing the inclusion of women in Government and creating policies that support micro industries. In addition to having all social amenities present, these brand management company could help tun the Nation’s population into an asset. Also, restructuring the state reward system from population to human capacity will put the Nation on the right path.

The Design workshops aimed at thinking through key barriers and enablers to the growth of competitive industries gave insights on paths to a sustainable economic situation. Consequently, a resolution would be creating a price mechanism that funds the future of technology and innovation while adding value to its industry shapers. 

Furthermore, making sustainable gains can be achieved through communications and collaboration that focus on education, infrastructure and health sectors in the country. Setting an agenda for these sectors will help Nigeria grow into the future it envisions — giving investors excellent KPI, sound tax systems and transparency of the Government.

The Roundtable discussions on partnerships towards achieving the Nation’s 2050 goal highlighted The state role in driving critical areas of growth.

The areas discussed were health and education as critical elements in need of definition to advance competitive advantages, and opportunities, while highlighting the Legislative Agenda For A Competitive Private Sector Economy as a partnership between the National Assembly and the private sector.

Overall, the 25th Nigerian Economic summit has highlighted vital areas the Nation needs to fix and grow to set it on a path of growth and leapfrog into the Fourth industrial age. We’ll be hoping concrete actions, preferred solutions and insights discussed on day two.