On Monday October 7th, the 25th edition of the Nigeria Economic Summit (NES25) organised by the Nigeria Economic Summit Group (NESG), kicked off in Abuja.
The event was declared open by President Muhammadu Buhari, who charged public and private sector leaders to look inward to solve the unique challenges confronting the nation’s socio-economic development.
The 25th edition of the annual Nigerian Economic Summit is currently going on at the Transcorp Hilton Hotel in Abuja with the theme, “Nigeria 2050: Shifting Gears.”
Niyi Yusuf, Chairman, NES 25 Central Organising Committee, had told Business Insider SSA that the focus of the summit is to set a new agenda for Nigeria, ushering in the next industrial revolution and mark a critical strategic shift to a competitive private sector economy by 2050.
President Muhammadu Buhari pledged that his administration will continue to collaborate with the private sector in designing and implementing developmental projects that will keep Nigeria on track for sustained, inclusive growth.
Atedo Peterside, Founder of Stanbic IBTC Bank Plc, asked the federal government to quantify the annual petrol subsidy, apportion it, and pay each Nigerian adult that falls below a minimum income threshold he or she share.
Peterside said this can be done following the launch of a new payments-enabled National ID Card.
“If FG is in the habit of being seen to grant subsidies, then we should focus less on getting stubborn people to shed a bad habit. It is far better to get them to replace a bad habit of wasted subsidies with a much better habit of direct payments to the poor via an instrument that the rich cannot corner or access.”
He advised the President Buhari-led federal government to borrow a cue from Mozambique and learn how to enact laws that provide clarity and reduce uncertainty for investors in the oil and gas sector and other sectors too.
Aliko Dangote, Africa’s richest man, who was represented at the Summit, identified the private sector as a key instrument to the much-touted industrial revolution, urging the government to encourage more investments from local entrepreneurs.
Muhammadu Sanusi (II), Emir of Kano, said that Nigeria's huge population had become a liability until the country turns that into a productive one.
Ibukun Awosika, Chairman, First Bank Plc, canvassed for a state of emergency in the education sector for Nigeria to harness the potentials of its human resources.
Dr. Doyin Salami, Chairman of the newly constituted Economic Advisory Council (EAC), called for clarity in economic direction for the nation to attract investment and create an enabling environment for the private sector to thrive.
Other key attractions at the Summit include:
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