The Nigerian Economic Summit Group (NESG) will from the 10th of October 2016 till 12th of October 2016 hold the 22nd edition of the Nigerian Economic Summit at the Transcorp Hilton Hotel Abuja. NESG has highlighted the need to embrace self- sufficiency as a viable alternative to improve Nigeria’s dwindling economy by appropriately adopting the theme “Made in Nigeria” for this year’s conference.
“The Nigerian Economic Summit has become the largest and foremost annual convergence for public and private sector policy makers and industry leaders in Nigeria,” said Senator Udo Udoma Udo, the Minister of Budget and National Planning during a press conference.
Since oil prices fell in 2014, the Naira has continued to weaken and this has forced the country to seek different ways on how to save the currency from total collapse. As a result of this, Nigerians have embraced the possibility that ‘made-in-Nigeria’ goods can fix the country’s weakening currency and the economy at large.
The made in Nigeria theme is not only necessary and timely but will also be used to embody the imperative to commit to the structural and fiscal changes required to strengthen the Nigerian economy.
According to Udo Udoma, the 22nd Nigerian Economic Summit will encourage more production and consumption of made in Nigeria goods and services. It will also encourage Nigerian producers to improve the quality of their products. This means that as the quality of our goods and services improve, international demand for them will increase. He also said that there is no doubt that the fastest route to grow our economy and to create jobs for our growing population is by pursuing export-led growth, which will add to the foreign reserves of the country as well as stabilizing the Naira.
What is the rationale behind the made in Nigeria theme?
According to the CEO, Nigerian Economic Summit Group (NESG) Jaiyeola Laoye, the Made in Nigeria initiative is an economic growth and development strategy for Nigeria’s short, medium and long-term development. Nigeria’s status as an import dependent and a huge consumption economy has led to negative economic growth, dwindling foreign reserves, and pressure on local currency exchange rate relative to major currencies.
However, the past editions of the Nigerian Economic Summit have made recommendations on self-sufficiency in local production and an export-driven economy. With our current economic realities, this is the perfect opportunity to put together a national discussion on “Made in Nigeria” in order to promote the goods and services – that are already up to standards for consumption which will, in turn, encourage exports and increase opportunities for SMEs.
Why the 22nd Nigerian Economic Summit is unique
The summit will provide a platform to sharpen the focus on the need for Nigeria to embrace the Made in Nigeria initiative – by working out strategies to achieve self-sufficiency and value-addition capacities for several products and services in the shortest possible time.
Stakeholders’ discussions and agreements on the practical issues, opportunities, policies, and regulations needed for ‘Made in Nigeria’ to become an economic growth and development agenda will also be facilitated
What you didn’t know about the Nigerian Economic Summit Group (NESG)
- The NESG was established and incorporated as a non-profit, non-partisan private sector organization.
- It was established with a mandate to promote and champion the reform of the Nigerian economy into an open, private sector-led globally competitive economy.
- It has emerged as the most important platform for public-private dialogue in Nigeria.
- Since its inception, the organization has accomplished a great deal in terms of research outputs and implementation of programmes, seminars, conferences and workshops.
- Its programmes are aimed at facilitating the formulation and implementation of social and economic reform programmes for the growth and transformation of the Nigerian economy.