The Federal Government is collaborating with key stakeholders to address the socio-economic challenges facing Nigeria and to steer the nation toward sustainable development. This was revealed by the Minister of Budget and Economic Planning, Senator Abubakar Bagudu, during a press briefing ahead of the 30th Nigerian Economic Summit in Abuja.
Senator Bagudu emphasized that the summit provides a platform for high-level discussions between policymakers and business leaders to tackle contemporary socio-economic issues and devise actionable solutions for national growth. The minister highlighted the participation of development partners, civil society organizations, and academic representatives, all working towards a unified strategy to overcome barriers to national development.
Represented by the ministry’s Permanent Secretary, Dr. Emeka Obi, the minister described the summit’s theme, “Collaborative Action for Growth, Competitiveness, and Stability,” as timely and relevant. The theme, he said, is aimed at discussing solutions to Nigeria’s economic challenges and positioning the country on the regional and global stage. The focus will be on enhancing product complexity and competitiveness to realize Nigeria’s vast potential, as well as leveraging the country’s leadership role in Africa’s transformation through innovation, investment, and integration.
The summit will center its discussions on five sub-themes: fostering inclusive development, boosting business dynamism, building a secure society, igniting innovation and digital transformation, and promoting collaboration among stakeholders. These discussions will be structured around three main pillars: people, leadership, and institutions.
Chairman of the Nigerian Economic Summit Group (NESG), Mr. Olaniyi Yusuf, represented by Board Director Mr. Udeme Ufot, acknowledged the significant economic challenges and social discontent Nigeria is currently facing. He stressed the urgency of translating economic growth into improved living conditions for all citizens.
“Despite these challenges, Nigeria’s potential remains clear,” Yusuf noted. “The key question globally is whether Nigeria can achieve and surpass this potential, and if so, when. While the country faces tough times, there are also remarkable opportunities ahead. The 30th Nigerian Economic Summit offers a platform to explore these opportunities and chart a course toward shared and sustainable prosperity.”
Yusuf further asserted that, with the right political reforms and policy adjustments, Nigeria could become a leading industrializing nation within five years by enhancing local content, fostering economic diversification at sub-national levels, and creating a globally competitive business environment.
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