Megan Johnson
Sat, Sep 9, 2023 5:15 PM

Nigeria's Pathways for Sustainable Economic Transformation and Inclusion

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Nigeria's Pathways for Sustainable Economic Transformation and Inclusion
The Nigerian Economic Summit Group (NESG) has anchored its 29th summit on 'Pathways for Sustainable Economic Transformation and Inclusion'. This article explores Nigeria's challenges, potential for sustainable development, and the role of technological advancements. It highlights the need for constructive dialogue among stakeholders to drive shared prosperity. The article emphasizes the importance of long-term development and prioritizing the country's economic trajectory.

The Nigerian Economic Summit Group (NESG) is set to address Nigeria's current economic challenges and explore pathways for sustainable economic transformation and inclusion at its 29th summit (NES 29). In light of rising unemployment, income disparity, and multidimensional poverty, NESG recognizes the urgency of translating economic growth into improved living standards for all citizens.

Data from the National Bureau of Statistics (NBS) in 2022 revealed that approximately 62.9% of Nigeria's population live in multidimensional poverty, posing a threat to the development of a vibrant middle class. NESG acknowledges that these challenges are worsened by an uneven allocation of resources, macroeconomic instability, and institutional deficiencies.

However, NESG expresses satisfaction with the current administration's 8-point agenda aimed at steering Nigeria out of economic difficulties. The World Bank's forecast of an average annual economic growth rate of 2.9% between 2023 and 2025 provides further optimism for positive change when all stakeholders work together.

The theme of NES 29, "Pathways for Sustainable Economic Transformation and Inclusion," highlights Nigeria's potential for sustainable development. NESG believes that leveraging innovative policies, robust institutions, strategic infrastructural investments, and human capital development are key in harnessing this potential.

Technological advancements and their increasing adoption offer glimpses of what can be achieved with the proper mechanisms. NESG cites the change in political leadership as an opportunity for fresh ideas and the rectification of economic policies that have weakened the fiscal system.

The NESG also advocates for constructive dialogue that incorporates the ideas of stakeholders from both the public and private sectors. NES 29 aims to build on the legacy of previous summits and encourage collaboration in co-creating solutions that drive shared prosperity.

"In the context of a new government administration, there is an undeniable need to reinvigorate our efforts to achieve sustainable economic development," NESG states. "The 29th Nigerian Economic Summit is not just an annual event; it represents a call for change, a clarion call for renewed commitment, and a dedicated effort to turn our economy around for the better."

With the primary goal of enhancing the economic agenda setting of the government, NESG's 29th summit promises to be an important platform for discussing Nigeria's sustainable economic transformation and inclusion. The summit, scheduled to be held from October 23 to 24, 2023, aims to bring together key stakeholders to deliberate on strategies to drive long-term development and shared prosperity.

Source of content: OOO News 2023-09-09 News

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