Min. of the Economy, Mr Wale Edun; Director, Legislative Mentorship Initiative (LMI), Ms. Solape Sonuga and Co-Chair of the National Advisory Council, NESG Faculty of Economists, Prof. Osita Ogbu at the NESG 2024 National Economic Dialogue Photo Credit: NESG.
By William Emmanuel Ukpoju
The Nigerian Economic Summit Group (NESG) recently hosted the National Economic Dialogue 2024 in Abuja, bringing together key stakeholders to discuss Nigeria’s economic trajectory and the impact of the Renewed Hope Agenda. The event, themed “Nigeria’s Economic Future: 25 Years of Democracy and Beyond,” provided a platform for reflection and forward-thinking discussions on the country’s economic progress, challenges, and future prospects.
Senator Atiku Bagudu, Minister of Budget and Economic Planning, delivered a keynote address highlighting the progress made under the Renewed Hope Agenda, emphasizing the need for collective responsibility in shaping Nigeria’s future. He acknowledged that while significant challenges have been faced over the past 25 years, the current strategy is yielding positive results. “Although we have not achieved all our goals, our population has grown, and we are not where we used to be. I want to assure everyone that we have a strategy in place, and it is working. We understand that tough choices are necessary, and we are seeking resources to offset their impact. Our message is clear: we need to do more, do better, and do it quickly,” Senator Bagudu stated.
Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, reflected on Nigeria’s democratic journey, stressing the importance of continued efforts to improve economic stability and reduce inflation. He noted that inflation has begun to decrease and that the government is committed to maintaining this trajectory, particularly focusing on reducing food inflation to make food more affordable for all Nigerians. “Democracy, while challenging, is the best form of governance for our nation, and it is always a work in progress. Today’s dialogue is part of our ongoing effort to enhance our democratic governance. We are making progress in controlling inflation, and our immediate goal is to ensure more affordable food for Nigerians,” Edun stated.
NESG Chairman, Mr. Olaniyi Yusuf, provided a comprehensive overview of Nigeria’s progress over the past 25 years, acknowledging significant transformations in telecommunications, agriculture, and services, while highlighting ongoing challenges such as policy inconsistencies, governance deficits, and economic vulnerabilities. He emphasized the need for collaboration across all sectors to address complex challenges and foster innovation, entrepreneurship, and investment. “Our democracy has matured, and our economy has evolved, reflecting our collective efforts to diversify and create opportunities for millions of Nigerians. However, we must also recognize the challenges we still face, such as policy inconsistencies, governance deficits, and economic vulnerabilities. These issues have contributed to the rising cost of living and doing business, and they must be addressed for us to achieve sustainable growth,” Yusuf noted.
Femi Gbajabiamila, Chief of Staff to the President, underscored the need for collective responsibility in shaping Nigeria’s future, emphasizing that the government alone cannot determine the nation’s future. “The responsibility of answering the hard questions that confront us today lies not only with the federal, state, and local governments but with every Nigerian. The future of our nation is a collective endeavour,” Gbajabiamila asserted.
The dialogue featured panel discussions and breakout sessions focused on strategic priorities such as economic diversification, human capital development, security, infrastructure development, good governance, and inclusive growth. Stakeholders emphasized the need for collaboration across all sectors to address complex challenges and foster innovation, entrepreneurship, and investment. Recommendations included actionable steps to improve economic stability, reduce inflation, and promote sustainable growth.
The National Economic Dialogue 2024 provided valuable insights and recommendations, serving as a critical foundation for future policy-making and economic strategies. The NESG will work with stakeholders to implement the recommendations and monitor progress. The dialogue reaffirmed the NESG’s commitment to driving Nigeria’s economic progress and shaping a prosperous socio-economic future.
