The Nigerian Economic Summit Group (NESG) has anchored its 29th summit (NES 29) on pathways for sustainable economic transformation and inclusion.
Yinka Iyinolakan, Head of Strategic Communications and Advocacy, NESG, in a statement on Sunday in Abuja, said the summit, scheduled for October 23 to 24, will enhance the economic agenda setting of the government.
He said this was in line with the givernments’ urgency of translating economic growth into improved and sustainable living standards for all citizens.
“This year’s summit theme hints at Nigeria’s potential for sustainable development, leveraging innovative policies, robust institutions, strategic infrastructural investments, and human capital development,” he said.
He noted the current challenges of unemployment, income disparity, and multidimensional poverty, adding that the summit would enable stakeholders strategies on transforming the nation’s economy.
“These challenges are worsened by an uneven allocation of resources, macroeconomic instability, and institutional deficiencies.
”Data from the National Bureau of Statistics (NBS) in 2022 revealed that approximately 62.9% of the population live in multidimensional poverty, threatening the development of a vibrant middle class.
“With population growth outpacing poverty reduction, Nigeria’s current trajectory highlights the critical need to prioritise long-term development and shared prosperity,” he said.
Mr Iyinolakan, however, expressed optimism that the current administration’s eight-point agenda with reference to the World Bank’s forecast of an average annual economic growth rate of 2.9 per cent for the country between 2023 and 2025 will impact positively in the country.
He said, “Technological advancements and their increasing adoption offer glimpses of what can be achieved with the proper mechanisms.
“The change in political leadership also brings the opportunity for fresh ideas and the rectification of economic policies that have weakened the fiscal system.”
He, therefore, advocated constructive dialogue that incorporated the ideas of stakeholders to achieve sustainable economic development.