Critical Economic Reforms Await Private Sector Action, FEC Urges Swift Input

Eight months following the conclusion of the 29th Nigerian Economic Summit, the Federal Executive Council (FEC) is still awaiting the much-anticipated recommendations from the private sector for comprehensive economic reforms.
The Federal Ministry of Budget and Economic Planning is expected to deliver the summit’s report to the FEC.
These recommendations, stemming from in-depth discussions among industry leaders, policymakers, and economic experts at the NES29 held in October 2023, are pivotal in guiding Nigeria toward sustainable economic growth and development. The summit primarily focused on strategic fiscal reforms that the government can implement to bolster economic stability and foster growth.

The recommendations put forth at the summit are extensive and diverse, addressing crucial areas essential for Nigeria’s economic advancement. They propose actionable strategies for leveraging private sector funds to support public infrastructure projects, crucial for diminishing unemployment rates and combating insecurity.
Moreover, the recommendations underscore the importance of enhancing healthcare delivery systems, fundamental in cultivating a healthy workforce and ensuring overall societal well-being. By tackling these urgent issues, the private sector aims to cultivate a more conducive environment for economic activities and progress.
Mr. Niyi Yusuf, the chairman of the Nigerian Economic Summit Group (NESG), highlighted this concern during the inauguration of the joint planning committee for the 30th Nigerian Economic Summit (NES#30) in Abuja.
Niyi urged the Minister of Budget and Economic Planning, Atiku Bagudu, to present the outcomes of the 29th Nigerian Economic Summit to the Federal Executive Council for review and integration into governmental plans and programs. This collaboration between the private sector and government is crucial in maximizing the benefits for Nigeria’s economic development.
Another significant aspect of the recommendations is attracting foreign direct investment (FDI). Private sector leaders have delineated measures that the government can adopt to position Nigeria as an appealing destination for international investors.

Speakers at the 2023 summit emphasized that the government should streamline regulatory frameworks, enhance transparency, and offer incentives for foreign businesses. Despite the urgency and significance of these recommendations, the delay in their submission to the FEC raises concerns about the pace of implementing necessary reforms.
Nonetheless, the permanent secretary at the Ministry of Budget and Planning, Engr. Nebeolisa Anako, representing Senator Bagudu at the media conference, stated that the ministry is actively working to present the report of the 2023 summit to the FEC.
Nigeria is grappling with escalating unemployment, income inequality, and multidimensional poverty. These challenges are exacerbated by an unequal distribution of resources, macroeconomic instability, and institutional shortcomings.
Anako and Olusanya expressed that the 30th summit will provoke discussions that mobilize leaders to create opportunities for both current and future generations.
They concurred that the NES #30 stands as a testament to an enduring legacy and forward-thinking vision aimed at fostering an inclusive, innovative, and prosperous future for Africa through Nigeria’s leadership.