The Nigerian Economic Summit Group is an independent, non-profit, non-partisan organization that serves as a platform for private and public sector dialogue, focused on Nigeria’s sustainable economic development. Noted for its impact on public policy, objective research and yearly economic summits among other things, the NESG has helped create an enabling environment conducive to good governance and responsible private investment.
This year, the 23rd Nigerian Economic Summit (#NES23) holding at the Transcorp Hilton Hotel, Abuja from October 10 – 12, 2017, seeks to initiate robust conversations that accentuate the economic framework for opportunities, productivity and employment. With the theme being “Opportunities, Productivity & Employment: Actualizing the Economic Recovery and Growth Plan”.
Some of the outcomes will be to: outline national job deficits and provide a national response framework, define a reviewed national framework for exploring economic opportunities across priority industries and leverage entrepreneurial development as a key driver of productivity by setting out a reviewed framework for entrepreneurship and innovation.
Other expected outcomes will be to establish a reviewed national agenda on employability in terms of a talent development pipeline map economic opportunities to the specific market skills to ensure talent competitiveness
Provide policy linkages between economic opportunities, skills and competencies and the right education pipeline that delivers them and explore strategic investment options, frameworks, models and business cases for unlocking capital flows that creates job opportunities.
A Private Sector-led investment Approach to Sector Opportunities
Infrastructure, Transport and Logistics:
Transportation and infrastructure building are a major determinant for any economic development. For instance, #NES23 seeks to drive the LAKAJI Economic Corridor initiative, which is expected to create jobs and opportunities, as well as improve delivery of goods and services within 10 states, from Kano to Lagos.
With its current 7% GDP contribution, the sector is considered to potentially contribute 30% if aggressively developed. #NES23 continues the conversation to establish a high-quality manufacturing sector.
RE has a 30% pledge by the Federal Government. A recent report indicates that renewables are one of the strongest and most efficient delivery of power. These present high impact opportunities for investments and job creation, in line with #NES23’s theme.
Mass and Low Income Housing:
With the high costs of housing and high level of homelessness, the huge opportunities and potential for low-income housing needs to be addressed, especially in the metropolis and megacities. Setting the path towards establishing affordable homes will emerge as a milestone for #NES23.
Agriculture and Agribusiness:
It has been established that Nigeria is an agriculture-based society. With a possible US$3 billion to be unlocked in agricultural financing, one of the expectations of the conversations held at the Summit is that investment and infrastructure policies must be promoted to enrich and empower agribusinesses, while generating value.
In the past, we have failed to appropriately credit the efforts of the creative industry. The World Bank notes that Nigeria’s entertainment industry has become a key piece in creating youth employment and cultivating culture.
Wholesale and Retail Trade:
This sector contributed 19.83% to GDP in Q3 2016, in a time where Nigeria and Nigerians experienced high level of hardship due to the state of the economy. Significant attention is required for a thriving informal sector, with aid to SME’s and MSME’s to promote the ‘ease of doing business’ agenda.
Africa is on the verge of a 4th industrial revolution through digitalization. Nigeria needs to catch up or lose jobs to South Africa, Kenya, Ghana and Egypt. The ICT sector in Nigeria has experienced rapid growth over the past 15 years, acknowledging the steady rise of internet users in Nigeria. Fostering relationships with the likes of Google and international resources, the plan is to provide helpful knowledge and training for our youth in ICT.