Sen. Atiku Bagudu, Minister of Budget and Economic Planning on Tuesday, inaugurated a Joint Planning Committee for the 30th Nigerian Economic Summit (NES) to shape national development.
Bagudu, who performed the inauguration on behalf of the Federal Government in Abuja, said the previous summit had played vital roles in shaping policies of government across the country.
The minister was represented by Mr Nebeolisa Anako, Permanent Secretary of the ministry.
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He said that the annual summit provides a veritable platform for dialogue among policy makers, corporate leaders, organised private sectors among others.
According to him, the summit provides the opportunity to strengthen the existing mutual and symbiotic relationship between the public and private sectors in the overall interest of Nigeria.
“The partnership between the sectors has helped in the development of the National Development Plan (NDP) 2021 to 2025 and the Nigeria agenda 2050.
“The key outcomes of the summit have always played important roles in shaping the policies of the government.
“In particular, the summit had in the past contributed to entrenching the culture of development planning in the country.
“The summit has as well provided invaluable policy recommendations for the government,’’he said.
The minister said that the committee was expected to articulate the budgetary requirements and sources of funds for hosting the summit.
Bagudu also said it will as well propose the optimal strategy for funding the activities of the committee and the summit.
The minister said that efforts have been concluded to forward the 29th summit recommendations and outcomes to the Federal Executive Council (FEC) for their information and guidance.
He thanked the public and private sectors co-chairs and members of the committee for successfully organising the summit, and for working round the clock to produce the Green Book for the summit.
Earlier, Chairman of the NES, Mr Niyi Yusuf, said that the summit was not just about changing policies, but redefining philosophy and approach to development.
“The NES remains a crucial catalyst for addressing current challenges and steering Nigeria towards a future of inclusive growth and economic resilience.
“Celebrating the milestone of the summit is an opportunity to reflect on a legacy that has played a critical role in promoting Nigeria’s transition to a private sector-led economy.
“This journey of strategic innovation and steadfast collaboration is vital for our continued economic development,’’he said.
Yusuf said that one of Nigeria’s pressing concerns was to translate economic growth into improved living standards for all its citizens.
“In spite of experiencing growth, the country grapples with rising unemployment, income disparity and multidimensional poverty,“he said.
He said that these challenges are worsened by an uneven allocation of resources, macroeconomic instability and institutional deficiencies.
The chairman said that Nigeria`s weak economic performance was a pressing issue that demands immediate attention.
He added that the performance was reflected in poor socioeconomic outcomes and declining living standards.
According to him, in light of these severe realities, we hope the summit will be a significant conversation for action among public and private sector stakeholders and all Nigerians.
“It is a time to reflect on our economy, rethink our economic fundamentals and deliberate on the short, medium and long-term priorities to tackle our challenges.
“Together, we will explore emerging trends enabling Nigeria to capitalise on new opportunities and chart a path to rapid recovery.
“I am confident that this partnership will yield outcomes that will set Nigeria on the path of economic recovery and sustainable development.
“The NES will be a pivotal moment, highlighting the summit’s role in shaping our economic trajectory.
“It will underscore Nigeria’s significance in transforming the continent through institutions, investment, integration, industry growth and innovation,’’ he said.
Yusuf urged the minister to present the outcomes of the 29th summit to FEC for consideration and integration into government plans and programmes.
The chairman was represented by Omoboyede Olusanya, Vice Chairman of the 30th NES.
