Bagudu: 30th Economic Summit to Chart Course for Economic Stability, Competitiveness, Others

James Emejo in Abuja

The Minister of Budget and Economic Planning, Senator Abubakar Bagudu, said the 30th Nigerian Economic Summit (NES#30), will aim to address current economic challenges, particularly stabilising the economy and repositioning it for regional and global competitiveness.
The minister said the August event scheduled for October 14 to 16, 2024, would also focus on product complexity and competitiveness, with a view to the realising the country’s vast potential.

Speaking at a media briefing on this year’s summit, with the theme, ‘Collaborative Action for Growth, Competitiveness and Stability,’ Bagudu said the event will seek to reaffirm Nigeria’s leadership role in driving Africa’s transformation through institutions, investment, integration, industry, and innovation.
He said achieving sustained growth remained key to the eradication of poverty, adding that the current administration was on course to realising the objective by taking bold and courageous decisions that will ensure macroeconomic stability, and social inclusion, promote productivity and competitiveness.
The minister also noted that the private sector will remain the engine of growth while government implements policies and regulations that promote a favourable business environment to achieve a high rate of investment and savings.
Bagudu said investments are necessary to create jobs and achieve the projected $1trillion economy, while structural barriers that constrain the vulnerable segment of the society from realising their potentials are addressed.

He said this year’s summit will build on the conversations from the preceding summit.
He commended the contributions of the various corporate organisations and government institutions that have provided support and those who have made a commitment towards the successful hosting of the summit, adding that “they have remained reliable partners, and the tireless effort of members of the Joint Planning Committee (JPC) is also worthy of commendation”.
Chairman of Nigerian Economic Summit Group (NESG), Mr. Niyi Yusuf, said these are indeed difficult times for the country amid global instability, regional volatility, and national socioeconomic uncertainty that “demand that we take bold, decisive steps”.
He said the theme, “Emphasises that now, more than ever, we must embrace a business-unusual approach, innovative governance, and transformational political leadership.

“It is only through collaborative action between government, business, and civil society that we can unlock Nigeria’s vast potential.
“Despite these challenges, the potential of our country is clear. Around the world, the same question is being asked: Can Nigeria reach and exceed its potential? If so, how? And if not now, when?”
He said: “Though we face tough times, there are also incredible opportunities ahead.
“The 30th Nigerian Economic Summit offers a platform for exploring these opportunities, and together, we can shape Nigeria’s future toward shared and sustainable prosperity.
“In the next five years, Nigeria has the potential to become a leading industrialising nation in Africa. We can reform our political, policy, and regulatory systems, unlock local content development, foster sub-national economic diversification, and create a globally competitive business environment.”

Yusuf said, “By doing so, we will improve the lives of millions of Nigerians, reduce poverty, and increase foreign direct investment (FDI) inflows into the continent.

“This year’s summit is centred on critical sub-themes designed to tackle Nigeria’s most pressing challenges and identify growth opportunities…”