The 22nd Nigerian Economic Summit (NES22) was on Monday, 10th of October 2016 declared open by Nigeria’s President Muhammadu Buhari. The three-day event, which is taking place at the Transcorp Hilton Hotel Abuja under the theme “Made in Nigeria” will be attended by hundreds of delegates and stakeholders in Nigeria’s economy. The theme was appropriately adopted for this year’s conference due to the need to embrace self- sufficiency as a viable alternative to improve Nigeria’s dwindling economy.

The president expressed his satisfaction about the choice of this year’s theme and also spoke about the following:

Made in Nigeria

The made in Nigeria campaign has been part of this administration’s campaign.

“This is part of the effort we are making to lead Nigeria through the trouble time,” said Buhari.

Diversification of Nigeria’s economy

Since the fall in global oil price started Nigeria has been one of the hardest-hit countries. This is because the country was 70 percent dependent on oil as its source of revenue. The country neglected other sectors and focused more on oil.

“Nigeria needs to diversify its economy so that the country does not rely on only one commodity to survive as a country,” said Buhari.

The president further said that the only way for the country to achieve its diversification plan is by building the country’s foundation on made in Nigeria goods.

Over dependence on import

According to it is the president’s wish that Nigeria becomes an export-led economy as opposed to import led economy. He expects the country to be producing what they eat and use.

Expectation from the summit

“I hope that at the end of the summit participants would make realistic and enforceable recommendations on policies, initiatives, and incentives that will enhance the work they are doing,” said Buhari.

Watch the video of the President declaring the NES 22 open

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