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The Nigerian Economic Summit Group (NESG) has said that the upcoming 28th Nigerian Economic Summit (#NES28) will highlight how to tackle the country’s economic challenges through adopting the ‘bottom up’ approach.
A statement issued by NESG noted that NES28 will also highlight stakeholder actions needed to eliminate barriers to inclusive economic growth and development.
The statement said “for decades, Nigeria’s development trajectory has been based on the export of raw materials and natural resources.
“Nigeria has abundant natural resources, oil, gas, minerals, metals, agricultural and forest products, and the blue economy. With her potential wealth, Nigeria’s natural resources are enough to make it one of the wealthiest places on earth, but tragically and ironically, Nigeria’s massive natural resources have not translated into wealth that benefits her citizenry.
“The reason for this ranges from the simple to the complex. With a dependency on the export of raw commodities, with very little or no value addition, or in simpler terms, a lack of industrial manufacturing, Nigeria basically exports natural resources and imports manufactured products.
“It is a race to the bottom for our dear nation, where the only assured commonality, in the face of limited industrial manufacturing, is rising poverty, export of jobs, vicissitudes of the volatility of commodity prices, and import dependency.
“Hard earned foreign exchange is used to support a high propensity for imported goods, machinery, equipment and raw materials, to support industries.
“The low level of industrial manufacturing is at the core of the slow structural transformation of the Nigerian economy, with the dominance of primary sectors. The situation has also been partly perpetuated by the escalation of tariffs on exports of manufactured goods from Africa.”
NESG therefore, said that the #NES28 seeks to identify and find ways that will help Nigeria unlock the constraints that bind our nation by seeking to set a framework that will help facilitate economic growth.
It said #NES28 presents the best opportunity for stakeholders to agree on a consensus on the national and sub-national imperatives for economic security, social justice, conscientious governance, political stability and environmental sustainability.
“The summit hopes to discern the imperatives for harnessing Nigeria’s latent human capital wealth as a means of securing our collective future by identifying critical factors for effective policy implementation for sustained economic growth.
“#NES28 will also highlight stakeholder actions needed to eliminate barriers to inclusive economic growth and development; Identify pragmatic initiatives to elicit economic leadership at the subnational levels, by adopting a “Bottom Up” approach to economic growth and development and articulate the economic agenda for the incoming leaders in 2023 and beyond” the statement noted.”
While noting that there is a need for Nigeria to wake up and take advantage of the 4th industrial revolution, NESG said Nigeria has to rapidly diversify its economy, add value to everything that we produce.
“Exporting raw materials only leads to vulnerabilities and no nation or region has succeeded by simply exporting raw materials,” NESG added.
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